Lite-On IT and BenQ announced on Monday April 10 that they have reached an agreement whereby Lite-On IT will acquire the optical storage manufacturing operations of BenQ for NT$1.2 billion in cash. BenQ will also acquire a 13% stake in Lite-On IT as part of the deal, which will go into effect on June 1. Lite-On IT stated that through this acquisition it will be able to increase its share of the worldwide optical storage market to about 27% from the current 18% - 19%. BenQ stated that the deal will not have any impact on Philips BenQ Digital Storage.