Sony and Olympus have entered a "business and capital alliance," with Sony buying 50 billion yen ($644 million) worth of Olympus' shares, and gaining a 51% stake in a new joint venture focusing on medical business, Sony has announced.
Under the terms of the agreement [PDF link], Olympus will issue 34,387,900 common shares to Sony, ultimately representing 11.28% of Olympus' total shares.
The new joint venture between the two companies doesn't yet have a name -- it's currently called simply "medical business venture." It should be established by the end of December 2012 and combine Sony's research with Olympus' strong position in the surgical endoscope market.