Fujitsu buys out Toshiba in mobile comms JV

Fujitsu Ltd and Toshiba Corp. have formally announced that Fujitsu has acquired Toshiba's ownership stake in their joint venture Fujitsu Toshiba Mobile Communications Ltd.

The joint venture, which is now a wholly-owned subsidiary of Fujitsu, develops and sells mobile phones for KDDI and other carriers.

When the joint venture was set to release its handset running Mango Fujitsu last year, reports were already swirling that Fujitsu was preparing to buy out Toshiba's 19.9 percent stake, prepping for sole ownership by 2012.

Effective April 1, 2012, the company's name will be Fujitsu Mobile Communications Ltd.