Hisense Buys Sharp TV Unit in Mexico for US$ 23.7 Mln

(Beijing) – Hisense Electric Co. Ltd. says it will pay US$ 23.7 million for a television unit of Japan's Sharp Electronics Corp., continuing a trend that has seen Chinese brands expand abroad to in a bid to prop up growth.

Hisense Electric, the listed arm of Hisense Group, said in a filing with the Shanghai stock market on August 1 that it will pay US$ 11.21 million for a 49 percent stake in Sharp Electronica Mexico S.A. de C.V. The filing also said Hisense USA Corp. will buy 51 percent of the company in Mexico for US$ 11.67 million.