Sharp is set to purchase Slovak consumer electronics maker Universal Media Corp. for around 10 billion yen ($85 million) in an attempt to strengthen its overall TV business by re-entering the European market.

Specifically, the Japanese company has decided to conduct a new business alliance with Skytec Group Limited in order to promote the manufacturing and sale of Sharp brand products and services and enhance the Sharp brand in Europe, and to acquire from Skytec the SKYTEC UMC shares possessed by Skytec and thereby make SUMC Sharp's subsidiary.

This acquisition of shares is based on the conclusion of discussions on the execution of a new business alliance agreement with the Universal Media Corporation /Slova kia/ s.r.o. (UMC) group as Sharp announced in September.

UMC currently sells TVs under the Sharp brand based on a licensing agreement reached in 2014. Through the planned acquisition, Sharp will effectively buy back the name and give a boost to its TV business, which the company places at the heart of its growth strategy.

Sharp has also decided to enter into a business alliance with Mango International Group Limited, which is operating a free smartphone rental service called "handy" around the world, including in Hong Kong and Singapore, and to conduct a free rental service business as a joint venture business mainly in Japan.

The travel market of Japan is expected to have a steadily increasing number of lodgers in domestic hotels in the future, and business is related to such lodgers will also expand, for example, the Japanese government aims to double the number of travelers to Japan, from 19.74 million in 2015 to 40 million in 2020.

Sharp will operate the Service in Japan jointly with Mango, and will aim to create a synergy mainly with its smartphone business and AIoT cloud business.