FILE PHOTO – The Sony logo is seen on a building in the Manhattan borough of New York City, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri
TOKYO (Reuters) – Sony Corp (6758.T) will turn its financial arm, Sony Financial Holdings Inc (8729.T), into a wholly owned unit through a tender offer worth about 400 billion yen ($3.72 billion), the Japanese electronics and entertainment giant said on Tuesday.
The deal will allow Sony to strengthen its presence in the fintech field to compete with global tech majors such as Alibaba Group Holding Ltd (BABA.N) and Apple Inc (AAPL.O).
It also reflects Chief Executive Kenichiro Yoshida’s strategy of making revenue streams more stable following a major revamp by his predecessor which shifted Sony’s focus away from low-margin consumer electronics to entertainment content and subscription-based businesses.
The deal is the biggest strategic move for Sony under Yoshida since a $2.3 billion acquisition of EMI Music Publishing, announced soon…
Source Reuters Tech News
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