Sony Computer Entertainment Inc. has sold all of its 9.52 million shares in Square Enix Holdings, ending a long-term financial bond between the companies.
Sony has sold the stock to global securities firm SMBC Nikko Securities Inc. for around $47 million. Before this sale Sony had owned around 9.5 million Square Enix shares for over 10 years, making the company one of Square Enix’s biggest shareholders for more than a decade.
Sony has yet to offer a reason for the sale, however it will disclose the official sale price in an announcement tomorrow.
Over the past year Sony has announced the sale of two major office buildings, laid off a lot of employees and announced plans to sell its PC division, as part of an attempt to return the company to profitability.