Tokyo - Sony agreed to sell half its stake in Olympus Corporation to fund strategic investments, just two years after the Japanese companies formed a medical-device venture.
Sony entered into a contract to sell the shares to JPMorgan Chase & Company, reducing its Olympus holding to about 5 percent, the electronics maker said in a statement on Wednesday. The stock sold for 71.8 billion yen ($600 million), Sony said in a separate release Thursday.
Tokyo-based Sony, the largest shareholder in the maker of endoscopes and cameras, pared its holdings after agreeing in 2012 to pay 50 billion yen for the stake. The electronics maker said it will book a 46.8 billion-yen windfall from the deal in the current quarter.
Sony’s shares rose 2.3 percent to 3,308.5 yen as of 9.39am in Tokyo trading. Olympus fell 4.5 percent to 4,220 yen, the biggest drop in almost two months.
“We plan to use the funds to strengthen our financial base and for growth investments,” said Koji Kurata, a spokesman for Sony. “We still intend to continue collaborating and maintain our partnership.”