Toshiba TEC, a unit of Toshiba, will acquire IBM's Retail Store Solutions (RSS) business, which offers retail point-of-sale (POS) solutions worldwide.

Upon completion of the transaction, Toshiba Tec would strenf=gthen its position as a retail point of sale systems company, offering hardware, software and integrated in-store solutions, and will team with IBM to bring the Smarter Commerce experience to retailers and their customers worldwide.

The purchase price is approximately US$850 million (JPY: 68 billion).

As part of the transaction, Toshiba Tec will enter into a multi-year agreement with IBM in which Toshiba Tec will become a IBM Premier Business Partner for Smarter Commerce. It is expected that upon completion of the deal, Toshiba Tec, a subsidiary of Toshiba, will acquire IBM's Retail Store Solutions overall business operation functions globally, including development, sales and related in-store maintenance.

The transaction is expected to close late in the second quarter or early in the third quarter of 2012 subject to the satisfaction of regulatory requirements and customary closing conditions.