TOKYO (Reuters) - Fujitsu Ltd said on Wednesday it had agreed to sell a majority stake in its wholly-owned mobile phone unit to investment fund Polaris Capital Group, as it sharpens focus on its main IT services business.
The Japanese company said in a statement that it would retain a 30 percent stake in the unit, Fujitsu Connected Technologies, after the sale.
It did not disclose the sale price but will book about a 30 billion yen ($276 million) gain from the sale of shares in the unit as well as well as those in a new company that will take over the mobile device business of Fujitsu Peripherals Ltd.
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Fujitsu had said last week it was in talks with Polaris. The sale leaves just three Japanese players - Sony Corp, Sharp Corp and Kyocera Corp - in a global market dominated by Apple Inc, Samsung Electronics Co Ltd and cheaper Chinese rivals.
(Reporting by Chris Gallagher; Editing by Subhranshu Sahu)