A Chinese-Taiwanese group is set to take control over Japan Display in a $2.1 billion bailout, reports Reuters. This comes after publicly funded bailouts failed to help the panel maker reduce its dependence on Apple.Over the last four years, Apple has accounted for more than half of the company's revenue. With the move to OLED displays, Japan Display's new factory that makes LCD panels was left running at half capacity. To make matters worse, sales of the iPhone XR, the only current generation iPhone with an LCD, have been disappointing.
To save the company, a deal has been reached with Taiwanese flat screen maker TPK Holding and Chinese investment firm Harvest Group. They will inject up to 80 billion yen in Japan Display by buying shares and bonds. This will give the buyers a 49.8% stake in the company, replacing the Japanese government backed INCJ fund as the largest shareholder.
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