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Sony buys Ericsson out of mobile phone venture

Sony buys Ericsson out of mobile phone venture
October 28, 2011 GORGEOUS

Japanese firm pays $1.5bn in cash to take full control of Sony Ericsson (a joint venture created in 2001 with Swedish firm, Ericsson), pursuing a more integrated mobile phone strategy. The deal will be completed in January and will give Sony access to Ericsson large patent portfolio which will help in tackling Apple’s mobile phone market share. Ericsson Chief Executive Hans Vestberg told Reuters the company would use the cash payment to strengthen its balance sheet and had no plans to pay it out to shareholders.

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