Olympus to raise £427m by selling phone company

August 28, 2012

Olympus is poised to sell off the information and telecommunications operations of Japanese mobile phone company ITX for 53 billion yen.

The move is part of a plan by Olympus bosses to focus on the firm’s core activities – including its camera business – following its ‘Back to Basics’ strategy announcement in June.

‘Olympus has determined that the business [ITX] itself is not aligned sufficiently close with the core business domains targeted under the group’s medium-term business plan,’ the firm said in a statement announcing the transfer.

The sale, to investment fund Japan Industrial Partners, is due to complete on 28 September.

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