Businessweek announced today that the Board of Directors Olympus approved a deal with another Japanese company Sony, which will be sold 11% shares worth 50 billion yen, or $645 million.
It is reported that Sony decided to go for this deal, becoming interested in the lucrative medical equipment market, in which Olympus plays a significant role. It is also reported that the companies eventually plan to create a joint venture that will work in this direction. In the new formation, 51% shares will be owned by Sony and the remaining 49% by Olympus.
The companies themselves have not yet officially confirmed the completion of the transaction. However, the Businessweek report sent Olympus stock up and Sony's down. True, the numbers in both cases were not too high.