Toshiba unit to buy IBM point-of-sale operations for $850 mn

Tokyo: A Toshiba Corp unit said on Tuesday it plans to buy IBM Corp’s point-of-sale terminal business for $850 million, aiming to secure clients such as Wal-mart Stores Inc and Toys “R” Us Inc in a global push.

Toshiba Tec Corp said it aims to buy the business, which spans cash registers and software to monitor inventory for retailers, in the second half of June or in July.

Toshiba Tec shares gained 6.9% in Tokyo to ¥327, outperforming a flat overall market after the Nikkei business daily earlier reported the deal.

The purchase will make Toshiba Tec, half-owned by Toshiba, the world’s biggest vendor of point-of-sale terminals with about a quarter share of the global market.