Toshiba wants to buy IBM's point-of-sale (POS) terminal business.

The purchase, which local media put at around $870 million, was aimed at expanding the global reach of Toshiba's half-owned Toshiba Tec and would make it the world's largest vendor of POS systems and equipment. Toshiba's board had yet to meet to finalize the deal. The IBM business has Wal-Mart and Toys "R" Us as customers.  Apparently Toshiba will raise the cash by using its cash reserves and bank loans.

IBM holds the top slot in the global POS terminal market with a share of 22 percent, the Nikkei said, compared with a 7 percent share for Toshiba. IBM's technology would strengthen Toshiba's cloud computing services that enable stores, shoppers, manufacturers and others to exchange information and offer services, it said.