Turkey's Vestel in talks to buy Toshiba television unit: official

Reuters News
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Posted: Apr 10, 2017 2:59 AM

By Ceyda Caglayan

ISTANBUL (Reuters) - Turkey's Vestel is in talks to buy the television unit of Japan's Toshiba Corp, an official for the Turkish maker of electronics and home appliances said on Monday, declining to be identified.

Vestel last year signed a five-year agreement with Toshiba, giving it the right to produce and sell televisions under the Toshiba brand in Europe.

Toshiba, a televisions-to-construction conglomerate expects to book a net loss of about $9 billion for the year that ended in March, due to a writedown related to cost overruns at its U.S. nuclear unit Westinghouse that recently went bankrupt.

(Reporting by Ceyda Caglayan; Writing by David Dolan; Editing by Daren Butler)