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Sony to raise £1.2b from bond sale

Cash generated to help pay for PlayStation's Gaikai acquisition

Sony will raise £1.17 billion in cash through a sale of its convertible bonds, the company has announced.

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The money generated will be used to pay for the $380 million acquisition of cloud gaming firm Gaikai, along with financing investments in other businesses such as Olympus Corp, and paying off company debts.

The company's group CEO, Kaz Hirai, announced in April that he planned to rejuvenate Sony's business by focusing on PlayStation, camera technologies and smartphones. Other businesses, such as television, are in retreat.

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