Sony Ericsson has built a name in the mobile phone market during its heydays. People flocked to retailers wanting to get a hand at their Walkman and Cybershot phones. Now, the company is trying to leave a mark that is being ruled by Android and iOS.
Breaking up is a difficult thing to do. Most especially when you’re so used to it, leaving without it is going to be hard to come by. After months of speculations and trying to dodge rumors of an eventual break up, Japanese company Sony has finally taken over Telefonaktiebolaget LM Ericsson’s 50 percent stake in the pair’s joint venture.
Reports stated that Sony paid the latter 1.05 billion Euros for the transaction or $1.37 billion.
The name Sony Ericsson will now be a thing of the past as it will be renamed Sony Mobile Communications.
The Press Release of Sony Reads:
Sony Completes Full Acquisition of Sony Ericsson
Sony to Rename the Company Sony Mobile Communications and Accelerate Business Integration
February 16. 2012, Tokyo, Japan – Sony Corporation (“Sony”) today announced that the transaction to acquire Telefonaktiebolaget LM Ericsson’s (“Ericsson”) 50% stake in Sony Ericsson Mobile Communications AB (“Sony Ericsson”) has been completed as of February 15. 21012 (Central European time). This marks the completion of the transaction jointly announced by Sony and Ericsson on October 27. 2011 and makes Sony Ericsson a wholly-owned subsidiary of Sony.
Sony will rename Sony Ericsson “Sony Mobile Communications”, and further integrate the mobile phone business as a vital element of its electronics business, with the aim of accelerating convergence between Sony’s lineup of network enabled consumer electronics products, including smart phones, tablets, TVs and PCs.
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