Deals
Sony Buys Ericsson’s Stake in Phone Venture for $1.5 Billion
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Sony Corp. agreed to buy Ericsson AB’s 50 percent stake in their 10-year-old mobile-phone venture to integrate the smartphone business with its gaming and tablet offerings.
Ericsson will get 1.05 billion euros ($1.5 billion) in cash for its shares in Sony Ericsson Mobile Communications AB, the Stockholm-based company said today. The proceeds from the deal are higher than the book value of Ericsson’s stake. The Swedish company rose 6.1 percent to 70.75 kronor in Stockholm trading. Sony climbed 5.4 percent to 1,650 yen in Tokyo.