Sony, Toshiba get state funding for outbound investment
Sony Corp. and Toshiba Corp. will be the first companies to receive capital from a $100 billion government fund set up last year to finance overseas acquisitions and minimize the impact of a rising yen. The strength of Japan’s currency has hurt export earnings for local companies but also facilitated a wave of outbound M&A.
Sony will borrow $1.36 billion to help finance its buyout of the Sony Ericsson Mobile Communications joint venture, while Toshiba will get $1 billion from lenders to support its purchase of Swiss firm...
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