Sony to invest $644 million in Olympus, become top shareholder
News On Japan via Reuters -- Sep 28
Sony Corp will pay 50 billion yen ($643.5 million) to become the biggest shareholder in Olympus Corp, and establish a company with the cash-strapped Japanese camera and endoscope maker to develop medical equipment.
In a widely flagged deal, Sony said in a release that it will hold an 11.46 percent stake after buying new shares issued by Olympus. The two companies will also look for ways to cooperate in digital cameras.
"We are aggressively pursuing the growth of our medical business, with the aim of developing it into a key pillar of our overall business portfolio," Sony's Chief Executive Kazuo Hirai said in a statement on Friday.
Sony wants to nurture new businesses as it retreats from money-losing television manufacturing, while Olympus needs cash to fix its depleted finances after an accounting scandal forced it to restate several years of earnings.
Although it fits Sony's revival strategy, some analysts have questioned the cost of the acquisition in the wake of losses, arguing that a non-capital tie up would have made more sense.
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