Sony's buyout of Sony Ericsson earns EU stamp of approvalAlex Wagner - Deputy Managing Editor, News Desk
Last October, it was announced that Sony would be buying Ericsson's portion of the Sony Ericsson joint venture for €1.05 billion ($1.39 billion) in an agreement that had been rumored just a few weeks before that. Like similar deals, though, Sony's purchase had to gain regulatory approval before the transaction could close, and now that's been accomplished. A report out of Reuters has revealed that the European Commission has given the agreement its stamp of approval.
When the deal was first announced, Sony explained that gaining sole control of the venture would give it an opportunity to better integrate its smartphones with its other connected devices. The company will also be gaining an IP cross-licensing agreement and ownership of a quintet of patent families related to wireless handset tech. We've already seen Sony prepping for the deal's close, with press images of the Xperia S and Xperia ion bearing "Sony" branding. Now that it's gotten EU approval, Sony is one step closer to getting the deal completed and pushing out its first straight-up Sony handset.