Struggling Sharp has reportedly found an investor. Qualcomm is expected to invest to the Japanese company 10 billion yen, which would give the U.S. chipmaker Qualcomm a roughly 5 percent stake in Sharp.
Sharp and Qualcomm have reached a deal to jointly develop an the energy-efficient indium-gallium-zinc oxide (IGZO) LCD panels for smartphones, the Nikkei reported today.
Full details are expected to be announced as early as Tuesday, the daily said.
The report added that Sharp would receive 5 billion yen ($61 million) from the U.S. chipmaker by the end of this year through a private placement of new shares. Sharp will receive an additional 5 billion yen or so once sufficient progress has been made, the newspaper reported.
Qualcomm and Sharp representatives did not provide any comment.
Sharp has lost three-quarters of its market value this year following massive losses and falling possible candidate investors and Intel was also seen as a candidate, according to earlier reports.