TOKYO -- Sony Corp. said Friday it has agreed with a Tokyo-based investment fund to complete the sale of its Vaio personal computer business to the fund on July 1 as part of its restructuring efforts.
Under the agreement, Sony's PC business operated in Japan under the Vaio brand and related assets will be transferred to a special purpose company to be invested by Japan Industrial Partners Inc.
To be capitalized at 1 billion yen, the special purpose company, to be named Vaio Corp., will be owned 95 percent by the investment fund and 5 percent by Sony, the Japanese electronics company said.
Sony will end the sale of its PC products after introducing a new lineup this spring. Sony will continue to offer aftercare services to customers even after the withdrawal from the PC business, it said.
The company plans to reveal the total costs expected to be incurred in the current fiscal year through next March stemming from the sale when it announces earnings for fiscal 2013 on May 14, it said.