Sony and So-Net Entertainment has announced that Sony is paying $764 million (about 50 billion yen) to So-Net Entertainment in order to buy up the remaining 42 percent of shares to make it a wholly-owned subsidiary. Sony has to acquire around 107,772 shares with which each having a value of 567,500 yen. So-Net, which has 1,468 employees, was founded in 1995. It had sales of $1.19 billion in its most-recent fiscal year, which ended in March 2012.
“[Sony] believes that, if [So-net] delists its shares and becomes a wholly-owned subsidiary of the Company, such simplification of the capital relationships will benefit the Company in its effort to strengthen its core areas and allocate resources to growth areas, which will ultimately lead to realizing more value,” the filing read.
