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September 28, 2012 08:54 am EDT

Sony makes Olympus rescue pact official with $645 million investment

Olympus hangs $57 million loss on austerity, strong yen and declining compact camera market

After months of speculation about who would step in to save the scandal-ridden Olympus' rocky fortunes, Sony has finally opened up its checkbook. The two companies have entered into a "business and capital alliance" worth around $650 million in exchange for a 51 percent stake in a new enterprise incorporating its former rivals highly desirable medical imaging business. The deal also includes a component-sharing agreement in the photography space, with Olympus mirror cells and camera lenses being given to Sony, while image sensors (where it's very strong) will go the other way.

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Sony makes Olympus rescue pact official with $645 million investment originally appeared on Engadget on Fri, 28 Sep 2012 04:54:00 EDT. Please see our terms for use of feeds.

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Original Link: http://www.engadget.com/2012/09/28/sony-olympus-rescue/

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Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics. Engadget was launched in March of 2004 in partnership with the Weblogs, Inc. Network (WI

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