Sony Halves Stake in Olympus
Sony says it is unloading the assets, valued at $632 million on Wednesday, to raise money for strategic investments.
Japan's Sony Corp. has agreed to sell half its stake in camera maker Olympus Corp. to raise money for strategic investments.
Sony entered into a contract to sell the shares — valued at 76 billion yen ($632 million) based on Wednesday’s closing price of 4,420 yen — to JPMorgan Chase, reducing its current holding to 5 percent, the electronics maker said in a statement from Tokyo Wednesday.
Sony acquired its original 10 percent stake in Olympus in 2012, injecting the troubled camera company with financing to help it recover from a devastating accounting scandal.
Sony has been shedding under-performing units and valuable assets for the past several years, part of an aggressive restructuring aimed at getting the once-dominant consumer electronics maker back in the black.