May 20, 2013 | 08:06 AM (BD Time)
20 May, 2013 Monday
Sony buys the rest of mobile phone firm Sony Ericsson
Models show off Sony Ericsson's Xperia Play handset at the Tokyo Game Show The new Sony subsidiary will only make smartphones from next year.
Japanese technology giant Sony has bought full control of mobile phone maker Sony Ericsson from Swedish telecoms equipment maker Ericsson. Sony has agreed to buy 50% of the firm for 1.1bn euros ($1.5bn; £964m), making the mobile handset business a wholly-owned subsidiary of Sony.
Ericsson said that the "synergies" between telecoms equipment and mobile phones were decreasing.
The transaction also includes a patent deal.
Sony will get the five sets of patents that are essential to making the phones and a licensing agreement on any other intellectual property.
Many observers expected this deal because Sony wanted to integrate its phone division with its mobile games machine and tablet computer units. "This acquisition makes sense for Sony and Ericsson, and it will make the difference for consumers, who want to connect with content wherever they are, whenever they want," said Sony's chairman Sir Howard Stringer.
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