Sony finalizes divorce with Ericsson, renames itself Sony Mobile Communications
More than half of America's married couples will tell you, breaking up is hard. Hard and expensive. After living in denial, dodging rumors and eventually coming to terms with the inevitable, Sony has finally taken over Telefonaktiebolaget LM Ericsson's 50-percent stake in the pair's former joint venture, a move that was earlier reported to have cost €1.05 billion ($1.37 billion) to complete. The now fully Sony owned Sony Ericsson will be renamed Sony Mobile Communications, though a few of the outfit's already announced children are keeping their papa's name. Hit the break for Sony's small press release.
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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, 2012 (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.
