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Sony Corp. plans to acquire an 11% stake in beleaguered Olympus Corp. for $642 million.

MassDevice.com Wall Street Beat

Sony Corp. (TYO:6758) plans to become the largest shareholder in Olympus (TYO:7733) with a $642 million investment that will give it an 11% stake in Olympus.

Olympus, which has a corner on 70% of the endoscope market, was rocked by a $1.7 billion accounting scandal exposed by former CEO Michael Woodford last year.

In accepting the Sony offer, Olympus spurned a similar bid from rival Terumo Corp. (TYO:4543), likely because Olympus wants to retain as much independence as possible, Reuters reported.

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