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HomeNewsSony makes Olympus rescue pact official with $645 million investment

Sony makes Olympus rescue pact official with $645 million investment

Olympus hangs $57 million loss on austerity, strong yen and declining compact camera market

After months of speculation about who would step in to save the scandal-ridden Olympus’ rocky fortunes, Sony has finally opened up its checkbook. The two companies are entering into a “business and capital alliance,” with Sony pumping in $650 million to its former rival. In exchange, it’s gaining a seat on the company’s board and a 51 percent stake in a new joint venture based on Olympus’s coveted medical imaging tech — something Kaz Hirai outlined in his “One Sony” strategy. The deal also includes a component-sharing agreement in the photography space, with Olympus mirror cells and camera lenses being given to Sony, while image sensors (where Sony is very strong) will go the other way.

Filed under: Cameras

Sony makes Olympus rescue pact official with $645 million investment originally appeared on Engadget on Fri, 28 Sep 2012 04:54:00 EDT. Please see our terms for use of feeds.

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