Apple has agreed to invest $100 million in Japan Display, sending the company’s shares up by as much as 32%, reports Reuters.
Japan Display has been struggling due to Apple’s shift to OLED and disappointing sales of the iPhone XR. Apple accounts for 60% of the company’s revenue.
It’s believed that Apple fronted most of the $1.5 billion cost to build Japan Display a new plant four years ago. The display manufacturer was supposed to repay Apple with a percentage of screen sales but it purportedly still owes about 100 billion yen.
Last month, a report claimed that Apple had agreed to half the pace of repayment for two years as Japan Display pursued a bailout deal with a Chinese-Taiwanese consortium. That deal was delayed in order to reassess the company’s prospects.
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