Sony completed its $1.47 billion acquisition of Sony Ericsson today, launching an aptly-named venture, Sony Mobile Communications. The Japanese conglomerate stated the official goal of Sony Mobile Communications in a statement announcing the transaction back in October:
The transaction gives Sony an opportunity to rapidly integrate smartphones into its broad array of network-connected consumer electronics devices - including tablets, televisions and personal computers - for the benefit of consumers and the growth of its business. The transaction also provides Sony with a broad intellectual property (IP) cross-licensing agreement covering all products and services of Sony as well as ownership of five essential patent families relating to wireless handset technology.
The divestment of Ericsson comes after ten years of collaboration between Sony and the Swedish company, which describes itself as "the world's leading provider of communications technology and services."
Ericsson's SEK 7.5 billion (~1.1 billion US) gain on the deal will be reported in the first quarter result, according to a release posted to Reuters today.