Fujitsu, Toshiba To Merge Cell Phone Businesses

Law360, New York (June 17, 2010, 5:04 PM EDT) -- Fujitsu Ltd. and Toshiba Corp. have agreed to merge their cell phone businesses in an effort to become a top cell phone provider in Japan.

The parties signed a memorandum of understanding outlining their plan to combine their mobile phone businesses, according to an announcement the companies released Thursday.

Under the proposed deal, Toshiba will transfer its mobile phone business to a new company, in which Fujitsu will acquire a majority share. The new company will be established Oct. 1.

Financial details of the deal were...
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