Sony To Sell Half Its 10.1% Ownership Stake in Olympus to JP Morgan Subsidiary

Sony signed an agreement to sell half of its 10.1 percent ownership stake in Olympus to a Japanese subsidiary of JP Morgan, Sony said in a Wednesday announcement. Sony will use proceeds from the sale to “strengthen its financial resources and obtain funds for growth-oriented strategic investments,” the company said. Sony said it expects the sale to close Monday. Sony plans to disclose the sale price Thursday, but expects to record a gain on the sale of about 46.8 billion yen ($391.4 million) for Q1 of the fiscal year ending March 2016, it said.