Sony Corporation (NYSE:SNE) has announced that they will be paying $1.47 billion for Telefon AB L.M. Ericsson’s 50% stake in the Sony-Ericsson venture. Sony has bought Ericsson’s “five essential patent families” through this acquisition. This was an intellectual property agreement between the two companies. The acquisition will allow Sony to incorporate their mobile products into other offerings like PCs, TVs, tablets, etc. The venture was created 10 years ago and Sony wants to catch up with rivals through this acquisition. Going forward Sony plans to get very aggressive in the mobile market space. Below is the company press release: