Sharp has agreed to a deal with Samsung that will see the mobile firm buy a 3.08 per cent stake in the company and gain greater access to its display technology.
Samsung will purchase 35.8 million shares of Sharp stock on March 28th, costing the firm 10.4 billion yen (£75m). This will make Korean firm the fifth largest major Sharp shareholder and the largest foreign entity to hold a stake in the display manufacturer.
Previously, U.S. firm Qualcomm was the biggest foreign shareholder after a recent investment gave the chipmaker a 2.64 percent share of the company.
“The purpose of this [deal] is to build up mutual trust relationship toward increase in the corporate value of Sharp and Samsung Electronics in the field of liquid crystal display business, and at the same time to enhance Sharp’s capital adequacy,” a statement announcing the deal reads.
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