• Kyodo

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Toshiba Corp. said Wednesday it has agreed to sell an 80.1 percent stake in its home appliance unit to China’s Midea Group Co. for about ¥53.7 billion ($473 million) as the industrial conglomerate proceeds with restructuring following a massive accounting scandal.

Under the agreement, Toshiba will keep the remaining 19.9 percent stake in the Toshiba Lifestyle Products & Services Corp. unit and Midea will be licensed to use the Toshiba brand worldwide for 40 years.

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