Samsung to invest $112 million in Sharp, an Apple supplier
Samsung is investing $112 million for a 3% stake in struggling Japanese electronics maker Sharp -- a key supplier to rival Apple.
The South Korea company will purchase nearly 36 million shares at a price of about $3.11 in a move aimed to strengthen the two companies’ relationship, Sharp said. The deal is expected to be completed by March 28.
Samsung’s investment probably will lessen Sharp’s dependency on Apple. Currently, Sharp supplies screens for Apple’s iPad and iPhone 5 devices.
Sharp said in a statement Wednesday the investment would help provide Samsung with a “stable and reliable supply of LCD panels.”
The deal could also give Samsung access to Sharp’s screen technology as its competition with rival Apple intensifies.