Sony and Ericsson To Part Ways For €1.05 billion Cash

Telecommunications technology giant, Ericsson and consumer tech products connoisseur Sony Corporation are set to part ways soon as the later seeks to buy off the former's shares for a whooping €1.05 billion.

Both companies had come together in a joint venture to launch a mobile handset business that managed to survive 10 years from its inception in October 1, 2011.

Ericsson will be moving on to focus wholly on the global wireless market and how wireless connectivity can benefit people, business and society beyond just phones while Sony will be rapidly integrating hi-end smartphones into its broad array of network-connected consumer electronics devices – including tablets, televisions and personal computers – for the benefit of consumers and the growth of its business.

Sony’s Chairman, Sir Howard Stringer, goes on to say "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. With a vibrant smartphone business and by gaining access to important strategic IP, notably a broad cross-license agreement, our four-screen strategy is in place. We can more rapidly and more widely offer consumers smartphones, laptops, tablets and televisions that seamlessly connect with one another and open up new worlds of online entertainment. This includes Sony’s own acclaimed network services, like the PlayStation Network and Sony Entertainment Network."


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Article written by On October 27, 2011.

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