UPDATE 1-Toshiba to buy IBM's point-of-sale terminal business - Nikkei

April 17 Mon Apr 16, 2012 2:21pm EDT

April 17 (Reuters) - A unit of Toshiba Corp will buy IBM Corp's point-of-sale (POS) terminal business, which includes cash registers and related devices, for 70 billion yen ($870.86 million), the Nikkei reported.

IBM holds the top slot in the global POS terminal market with a share of 22 percent and counts Wal-Mart Stores Inc and Toys "R" Us Inc as customers, the Japanese daily said.

Toshiba Tec Corp, which will make the purchase, is ranked fourth worldwide and has a 7 percent share, the newspaper said.

IBM technology will strengthen Toshiba's cloud computing services that enable stores, shoppers, manufacturers and others to exchange information and offer services, the Japanese daily said.

Toshiba Tec aims to close the deal, financed mostly by cash reserves and bank loans, by the summer, the daily said.

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