Samsung to buy 3 percent of Sharp

SEOUL, March 6 (UPI) —

Struggling Japanese electronics firm Sharp has agreed to sell about 3 percent of its shares to South Korean firm Samsung, the companies said.

News of the $112 million deal sent Sharp shares up 14 percent on the Tokyo stock market Wednesday, CNNMoney reported.

Samsung shares were up less than 1 percent.

The deal provides Samsung with LCD television panels and smart phones. Sharp gets a much-needed cash infusion.

Sharp has been trolling for buyers to boost its finances. Several efforts to strike deals over the past year haven’t come to fruition.

One effort that did work out was a deal struck with U.S. electronics firm Qualcomm, which now owns about 2.6 percent of Sharp, CNNMoney said.