Sony Corp. has completed the full takeover of its financial unit Sony Financial Holdings Inc. announced in May.

The Japanese electronics and entertainment group confirmed it raised its 65% stake in Sony Financial Holdings to full ownership after paying ¥395.54 billion for the remaining shares through a tender offer. It paid ¥2,600 per share, a premium of about 26% over the May 18 closing price of ¥2,064, according to a July 14 release.

As a result of the acquisition, Sony Financial Holdings will be delisted from the Tokyo Stock Exchange. The takeover will also give Sony Corp. more autonomy in expanding its range of financial services offerings, including banking and life insurance products, The Nikkei reported the same day, without citing sources.

As of July 13, US$1 was equivalent to ¥107.26.