Mergers and Acquistions News
Categories: Telecoms
October 27th 2011, 13:41PM
Sony has announced today (October 27th) it is to complete a full acquisition of Sony Ericcson's joint venture in the mobile phone arena for €1.05 billion (£876 million).
The electronics giant has revealed it will now have sole control over this area of its business, while certain patents held by Ericsson with regard to handsets will be passed over.
This forms part of Sony's plan to gain a larger market share in this area as it seeks to compete with leaders in the sector like Apple and Samsung.
Sir Howard Stringer, chairman and chief executive of the firm, labelled this the start of something "quite magical", as it will enable to organisation to "more rapidly and more widely offer consumers smartphones, laptops, tablets and televisions that seamlessly connect with one another".
It first emerged that such a deal was in the offing last week as Sony was reported to be eager to improve consumer confidence in its brand in an increasingly competitive market. 
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