Cleary Leads Sony's $1.5B Takeover Of Sony Ericsson

Law360, New York (October 27, 2011, 3:13 PM EDT) -- Sony Corp. will take over its mobile device joint venture with Telefonaktiebolaget LM Ericsson for $1.5 billion in cash, gaining control of critical intellectual property as it tries to increase its share of the smartphone market, Sony revealed Thursday.

With the transaction, cellphone manufacturer Sony Ericsson Mobile Communications AB will become a wholly owned subsidiary of Sony. The company will also receive a broad IP cross-licensing agreement and ownership of five mobile phone technology patent families.

Sony CEO Howard Stringer said the deal gives the Japanese...
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