Slaughters and Cleary act on Sony's £920m purchase of Ericsson JV stake
Slaughter and May and Cleary Gottlieb Steen & Hamilton have taken lead roles on Sony's £920m acquisition of Ericsson's stake in mobile phone joint venture Sony Ericsson. The deal, which has seen Sony buy Ericsson's entire 50% stake in the joint venture, will allow the Japanese company to ramp up its smartphone efforts as it positions itself to compete with Apple and Samsung in the market.
October 28, 2011 at 06:25 AM
2 minute read
Slaughter and May and Cleary Gottlieb Steen & Hamilton have taken lead roles on Sony's £920m acquisition of Ericsson's stake in mobile phone joint venture Sony Ericsson.
The deal, which has seen Sony buy Ericsson's entire 50% stake in the joint venture, will allow the Japanese company to ramp up its smartphone efforts as it positions itself to compete with Apple and Samsung in the market.
Slaughters took the lead role for Ericsson on the deal, with the magic circle firm fielding a London-based team led by corporate partner Jeff Twentyman alongside information technology and outsourcing head Rob Sumroy.
Meanwhile, Cleary advised Sony with a team led by New York corporate partner Christopher Austin, alongside London corporate partner Simon Jay and consultant Colin Pearson. Brussels-based antitrust partner Robbert Snelders advised on antitrust issues.
Sony Ericsson, which was created in 2001 as a joint venture between the two companies, was represented by Swedish law firm Magnusson with a team under Gothenburg-based corporate partner Per Hendar, former general counsel and secretary to the board of Sony Ericsson.
For Ericsson, the transaction will allow it exit the mobile phone business and focus on its core expertise of building mobile and wireless networks.
Sony Ericsson's general counsel is Jonathan Pearl, and the company's regular legal advisers include K&L Gates and Paul Hastings Janofsky & Walker, with Baker & McKenzie and Eversheds the outfits most regularly instructed in the UK.
- Click here for an interview with Sony Ericsson GC Jonathan Pearl
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