Japanese consumer electronics company Sony Corporation has announced its plan to buy its way out of the joint venture with the Swedish telecommunications company Ericsson and making the mobile handset business a wholly owned subsidiary of Sony. The buyout was announced in October 27, 2011, and Sony will get the full ownership of Ericsson properties and drop Ericsson partnership that has been established on October 1, 2011. The Japanese company will pay Ericsson about $1.47 billion dollars so that it can begin branding its mobile handsets solely as Sony products. According to a Sony executive speaking with The Times of India, the transition of the Sony Ericsson brand to Sony will take place by the middle of 2012. Sony will proceed making mobile handsets, but sell them under its own branding "Sony".
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