The company had previously given Sharp $60 million, but due to certain conditions not being met, held on to the balance until today. June 24, 2013 5:36 AM PDT Qualcomm's $120 million investment in Sharp has officially been completed. Back in December, Qualcomm announced that it would invest $120 million in the ailing Sharp in return for about 3.5 percent ownership. Qualcomm dropped $60 million into Sharp in December when the deal was announced, but decided to keep the balance until Sharp met several conditions, including the fabrication of power-conserving screens. Related stories Three great-sounding affordable sound bars Sharp to cut 5,000 jobs in 3-year plan 'Next' iPhone display production to begin, says Japan report Sharp to sell stake in Pioneer Apple iTV iffy this year because of supply issues, says report In March, Sharp announced that it wouldn't meet all of the conditions, prompting Qualcomm to withhold its remaining $60 million investment until the company could get to where it needed to be. In a statement (PDF) on Monday, Sharp confirmed that it has finally come to a deal with Qualcomm, and the company has offered up another $60 million to make good on their deal. Qualcomm isn't the only company investing in Sharp. Back in March, Samsung said that it would give the company $111.3 million for a 3 percent stake in Sharp. Samsung said the investment would help the companies build up "mutual trust" in the LCD display business.
The company had previously given Sharp $60 million, but due to certain conditions not being met, held on to the balance until today.
Qualcomm's $120 million investment in Sharp has officially been completed.
Back in December, Qualcomm announced that it would invest $120 million in the ailing Sharp in return for about 3.5 percent ownership. Qualcomm dropped $60 million into Sharp in December when the deal was announced, but decided to keep the balance until Sharp met several conditions, including the fabrication of power-conserving screens.
Related stories
- Three great-sounding affordable sound bars
- Sharp to cut 5,000 jobs in 3-year plan
- 'Next' iPhone display production to begin, says Japan report
- Sharp to sell stake in Pioneer
- Apple iTV iffy this year because of supply issues, says report
In March, Sharp announced that it wouldn't meet all of the conditions, prompting Qualcomm to withhold its remaining $60 million investment until the company could get to where it needed to be. In a statement (PDF) on Monday, Sharp confirmed that it has finally come to a deal with Qualcomm, and the company has offered up another $60 million to make good on their deal.
Qualcomm isn't the only company investing in Sharp. Back in March, Samsung said that it would give the company $111.3 million for a 3 percent stake in Sharp. Samsung said the investment would help the companies build up "mutual trust" in the LCD display business.
