Deals
Sony Aims to Take Finance Arm Private for Up to $3.7 Billion
- The company will take the profitable unit private this summer
- Sony has focused increasingly on electronics in past years
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Sony Corp. said it intends to take full control of its finance unit for about 395.5 billion yen ($3.7 billion), buying out one of its most lucrative businesses to inject more stability into a largely electronics and entertainment-focused operation.
The Japanese giant will offer 2,600 yen a share for the part of Sony Financial Holdings Inc. it doesn’t already own, it said in a statement Tuesday. That’s a premium of about 26% to Monday’s close. Shares in the finance unit surged 19% Tuesday, while Sony itself gained more than 3%.