Sony has completed the €1.05 billion acquisition of Ericsson's stake from the Sony Ericsson joint venture.
The immediate ramification of this deal is that Sony Ericsson will now be called Sony Mobile Communications, which will be a subsidiary company of Sony. The headquarters of this subsidiary company will be at London and it will have 8,000 employees.
The new devices manufactured by the company will have Sony as brand name however, the devices which are available in the market at present will retain the Sony Ericsson brand name.
Sir Howard Stringer, Sony's ex-CEO, said: "This acquisition makes sense for Sony and Ericsson, and it will make the difference for consumers. 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." reported Think Digit.
The focus of this deal is to permit Sony to have a better ground to compete with other smartphone manufacturers. Post the deal the company will have full share of the profits and the capability to completely integrate variety of electronic products under one single ecosystem.
Find the press release here.