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EU approves Sony's Ericsson buyout
Sony's purchase of Ericsson's part in the two manufacturers' decade-old smartphone venture has been given the go-ahead by the European Union.The EU approved Sony's purchase of Ericsson's part in the joint venture on Thursday.
Written by Ben Woods, Contributor on Jan. 30, 2012
Sony's purchase of Ericsson's part in the two manufacturers' decade-old smartphone venture has been given the go-ahead by the European Union.
The EU approved Sony's purchase of Ericsson's part in the joint venture on Thursday. Sony announced its intentions to buy Ericsson out of the deal for €1.05bn (£919m) in October 2011.
The brand Sony Ericsson will no longer be used on mobile devices, such as the Sony Xperia Ion or Xperia S. Future Sony mobiles will be sold under the new resulting business division called Sony Mobile Communication.
On 19 January, Sony Ericsson announced its fourth quarter and full year 2011 financial figures. They showed that the handset shipments had dropped 20 percent in a year-on-year comparison, resulting in a net loss of €207m during the last three months of the year.
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