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Business deals

Fujitsu to sell mobile phone business to Polaris Capital

The deal, valued at over $360m, allows the company to focus on IT services

Fujitsu's Arrows brand is expected to continue under Polaris.

TOKYO -- Fujitsu has ended its search for a buyer for its mobile phone business, reaching a basic agreement with Tokyo-based investment fund Polaris Capital Group.

The Japanese information technology company will sell a majority stake in wholly owned subsidiary Fujitsu Connected Technologies to Polaris for 40 billion yen to 50 billion yen ($367 million to $459 million). An official agreement is expected as early as this month.

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