Fujitsu to buy Siemens stake in PC joint venture
TOKYO (Reuters) - Japanese electronics conglomerate Fujitsu Ltd will buy Siemens AG's 50 percent stake in their PC joint venture for 450 million euros ($567 million), aiming to boost its presence in Europe.
Fujitsu said in a statement that the acquisition would help it expand global sales of information technology products and related services.
The deal is also expected to allow Siemens, which has been spinning off non-core business, to focus more resources on its power, energy and health services at a time when the global financial crisis could crimp demand for computers.
Fujitsu said in a statement that it expects to the deal to close on April 1, 2009, turning Fujitsu Siemens Computers into a wholly owned subsidiary.
Sources told Reuters last week that Fujitsu was close to an agreement with Siemens.
(Reporting by Nathan Layne)