27 Oct '11, 7am

Ericsson sells stake in Sony Ericsson

Ericsson sells stake in Sony Ericsson

STOCKHOLM: Swedish telecom equipment maker Ericsson said Thursday it would sell its 50-per cent stake in mobile phone joint venture Sony Ericsson to Sony for 1.05 billion euros (US$1.47 billion). "Sony will acquire Ericsson's 50 per cent stake in Sony Ericsson... making the mobile handset business a wholly-owned subsidiary of Sony," Ericsson said in a statement. The Japanese-Swedish group was created in 2001, combining the then unprofitable handset operations of Ericsson and Sony to today become the sixth-biggest player in the global market. In its statement, Ericsson pointed out that the mobile phone market has changed dramatically over the past decade, with focus shifting heavily to smartphones. "Ten years ago when we formed the joint venture, thereby combining Sony's consumer products knowledge with Ericsson's telecommunication technology expertise, it was a perfect mat...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

Tweets

Blog- @Sony to take over Sony Ericsson for EUR 1.05 billion

Blog- @Sony to take over Sony Ericsson for EUR ...

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