Sony to acquire 11 % in Olympus, to set up JV to develop endoscope equipments
28 Sep 2012
Sony Corp will pay 50 billion yen ($643.5 million) for an 11-per cent stake in scam-hit Japanese camera and imaging systems major Olympus Corporation and jointly set up a company to develop medical equipment.
Sony, Japan's biggest consumer-electronics exporter, will buy the stake by year-end in Tokyo-based Olympus for around ¥1,400 a share, making it Olympus's largest shareholder.
Olympus, which has been looking for a new tie up after it recently admitted to hiding $1.7 billion in losses for as long as 13 years, has preferred Sony as its partner over competing offers from Fujifilm and medical device maker Terumo Corp.
Both companies will set up a joint venture, with Sony holding a majority stake, to develop endoscopes, focusing on keyhole surgery.
Post scam and posting a loss of $412 million in 2011, Olympus had announced major restructuring, including trimming its workforce by 7 per cent.
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