Sony, JIP sign memorandum of understanding for sale of PC business Sony and Japan Industrial Partners announced that they have entered into a memorandum of understanding that confirms their intent for Sony to sell to JIP Sony's PC business currently operated under the VAIO brand. Sony and JIP are aiming to conclude definitive agreements by the end of March, following due diligence and negotiation of detailed terms and conditions of the sale. The parties' current intention is to sell Sony's PC business and certain related assets to a new company established by JIP, targeting July 1 for the completion of the sale. The terms and conditions of the sale and details of the new company's structure are subject to further discussion between the two parties. The new company will be established and operated with capital investment from and management support of JIP. Sony will initially invest 5% of the new company's capital to support its launch and facilitate a smooth business transition. Sony said it has determined that the "optimal solution is to concentrate its mobile product lineup on smartphones and tablets and to transfer its PC business to a new company established by JIP that will enable the continuation of the VAIO branded PC business."