Fujitsu Ltd said on Wednesday it had agreed to sell a majority stake in its wholly-owned mobile phone unit to investment fund Polaris Capital Group, as it sharpens focus on its main IT services business.
The Japanese company said in a statement that it would retain a 30 percent stake in the unit, Fujitsu Connected Technologies, after the sale.
It did not disclose the sale price but will book about a 30 billion yen ($276 million) gain from the sale of shares in the unit as well as well as those in a new company that will take over the mobile device business of Fujitsu Peripherals Ltd.
Fujitsu had said last week it was in talks with Polaris. The sale leaves just three Japanese players – Sony Corp, Sharp Corp and Kyocera Corp – in a global market dominated by Apple Inc, Samsung Electronics Co Ltd and cheaper Chinese rivals.