Sony to buy out its lucrative finance unit for $3.7bn
The electronics giant has warned that operating profit could fall 30% this fiscal year because of the coronavirus pandemic
Tokyo — Sony has said it intends to take full control of its finance unit for about ¥395.5-billion ($3.7bn), buying out one of its most lucrative businesses.
The electronics giant will offer ¥2,600 a share for the part of Sony Financial Holdings that it doesn’t already own, it said in a statement on Tuesday. That’s a premium of about 26% to Monday’s close. Shares in the finance unit surged 19% on Tuesday, while Sony itself gained more than 3%...