Infrastructure

Home page

Infrastructure

Sony buys out Ericsson mobile venture

27 October 2011 13:57 (UTC +04:00)

Baku - APA-Economics. Sony is taking full control of mobile phone joint venture Sony Ericsson, buying out its Swedish partner for â‚¬1.05bn (Â£920m), in a bid to catch up with rivals such as Apple and Samsung, The Guardian reported.

The Japanese electronics giant said the mobile phone operation would be integrated into its consumer division â€“ which includes TVs, tablets, PCs and the Sony PlayStation â€“ bringing to an end a decade-long joint venture with the telecoms company.

Sony said the deal included a "broad intellectual cross-licensing" agreement on intellectual property and ownership of five essential families of patents for wireless mobile phone development.

"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," said the Sony chairman and chief executive, Howard Stringer.

"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 â€¦ our four-screen strategy is in place."

Earlier this month Sony Ericsson broke even in its third-quarter financial update for 2011. It holds a market share of 11%, by value, of the Android phone market â€“ representing 80% of the company’s third-quarter sales.