London: Sony Corp is taking over the Sony Ericsson mobile phone joint venture for 1.05 billion euros ($1.45 billion) as it looks for to catch up with smartphone and tablet makers such as Apple and Samsung.
The deal to takeover its Swedish partner gives Sony ownership of definite handset patents held by Ericsson and will enable it to incorporate the joint venture’s output with its own range of products and content.
Sony’s chairman and chief executive Sir Howard Stringer said in a statement “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.”
Ericsson said the deal offered Sony with a broad intellectual property cross-licensing agreement covering all the Japanese company’s products and services and ownership of five essential patent families about wireless handset technology.
The joint venture controls about 2% of global cellphone market with its 2010 sales of 6.3 billion euros, and it employs some 7,500 people.