Sony Corporation (“Sony”) has finally completed the transaction to acquire Telefonaktiebolaget LM Ericsson’s (“Ericsson”) 50% stake in Sony Ericsson Mobile Communications. This eventually makes Sony Ericsson a wholly-owned subsidiary of Sony.
In a Press release, Sony has announced that it will rename Sony Ericsson “Sony Mobile Communications”, and further integrate the mobile phone business as a vital element of its electronics business. On the other hand, Ericsson has announced that it is permanently out of phone business. While Sony got its 100% stake in mobile communication, Ericsson got the cash in the break-up of their long-running joint venture, bagging $1.1 billion.