Sony Corp is to take full control of its Sony Ericsson mobile phone joint venture with Swedish mobile phone network gear maker Ericsson as it seeks to catch up with other makers of smartphones and boost its offering of consumer electronics, the companies said on Thursday.

Ericsson is to receive 1.05 billion euros in cash for its 50 percent share of the venture, which was set up in 2001. It initially thrived with an array of camera and music phones, but later lost out in the smartphone race.