Sony buys full control of Sony Ericsson

STOCKHOLM: Sony Corp is to take full control of its Sony Ericsson mobile phone joint venture with Swedish mobile phone network gear maker Ericsson as it seeks to catch up with other makers of smartphones and boost its offering of consumer eletronics, the companies said on Thursday.Ericsson is to receive 1.05 billion euros in cash for its 50 percent share of the venture, which was set up in 2001. The transaction also includes a patent deal which will see Sony getting the five sets of patents that are essential to making the phones. They will also get a licensing agreement on any other intellectual property.[caption id="attachment_117644" align="alignleft" width="380" caption="Reuters"][/caption]"This acquisition makes sense for Sony and Ericsson, and it will make the difference for consumers, who want to connect with content wherever they are, whenever they want," said Sony's chairman Sir Howard Stringer.Ericsson said that the "synergies" between telecoms equipment and mobile phones were decreasing.Earlier this month, Sony Ericsson broke even in its third quarter and announced it would focus on smartphones from 2012.Reuters