Qualcomm to give $60 million to Sharp by June 24 | ZDNet
Summary
The electronics maker estimates that Qualcomms investment will be spent on general costs and acquiring equipment in establishing MEMs technology product lines. The Japanese firm was originally due to receive the remaining $60 million in March , but Sharp failed to meet a number of conditions for the deal to go ahead. In return for the investment, Qualcomm and Pixtronix will receive 11,868,000 shares (a total stake of 3.53 percent), making the U.S. chipmaker Sharps third-largest shareholder. "Expanding our existing relationship with Sharp to jointly commercialize new MEMS display technologies will help both companies realize their shared goal of driving high performance and lower power displays for a variety of devices, including smartphones and tablets," said Derek Aberle, executive vice president and group president of Qualcomm. After an investment deal worth $806 million with Foxconn fell through, South Korean electronics giant Samsung paid 10.4bn yen ($112m) for a three percent stake in Sharp.
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