Sony sells five non-core units for $US470m - source

TOKYO (Reuters) - Sony will sell control of five non-core businesses to a unit of Nikko Cordial Group for $US470 million, a source familiar with the matter has said.

Sony said in a statement it would set up a holding company for the businesses and sell a 51 percent stake in it to Nikko Principal Investments Japan.

The businesses -- Sony Plaza, B&C Laboratories, Sony Family Club,Maxim's de Paris and Lifeneo -- span a wide range of retail activities including the sale of imported goods, mail order, cosmetics and restaurants.

Management of the companies is expected to remain in place, the source added.

Sony will transfer 51 percent of the holding company stock to Nikko Principal Investments by the end of the first fiscal quarter and then will gradually reduce its stake in the holding company.

Sony had said in September it would explore forming alliances in its retail businesses to "maximise the value of the assets".

Sony and Nikko Principal Investments declined to comment on the value of the transaction.

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