Sharp and Qualcomm are joining forces to develop and manufacture an energy-efficient LCD panel, which will be used in smartphones. They will take Sharp's existing technology and bolster it with input from Qualcomm. The joint venture is likely an attempt by Sharp to stay relevant in the quickly changing market.

Sharp will provide its indium-gallium-zinc oxide technology in exchange for $61 million from Qualcomm. Once significant progress has been made, Sharp will receive another $61 million. The payments will be made in exchange for stock and Qualcomm will end up with roughly a 5 percent stake in Sharp.

Full details are expected to be released soon, with the earliest estimate placing tomorrow as the day all will be told.