Sanyo looking to sell loss-making mobile business to Kyocera

12 Oct 2007

Japan’s ailing electronics giant Sanyo is believed to be close to agreeing a deal to offload its loss-making mobile phone operation to Kyocera, and has reportedly given its rival priority negotiating rights to buy the business. If completed, the deal would create the world’s seventh largest handset maker. Local press reports say Sanyo’s mobile business could be worth as much as JPY70 billion (USD595 million), although no official figures have been disclosed. Sanyo has reported losses in each of the last three years and is currently restructuring its business under the gaze of its three main investors, Goldman Sachs, Daiwa SMBC and Sumitomo Mitsui Bank.