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Olympus sells camera division

Olympus is leaving the camera business.

Olympus Corporation has announced that it's selling off the imagining side of the business to private equity firm Japan Industrial Partners (JIP), with the agreement expected to be signed off by September 30.

The Japanese company previously purchased VAIO computers from Sony.

The move comes as the camera industry continues to shrink, with smartphones taking over the sector.

Olympus' CEO Yasuo Takeuchi had previously hinted that the division could be sold.

The firm has insisted that they "implemented measures to cope with the extremely severe digital camera market, due to, amongst others, rapid market shrink caused by the evolution of smartphones."

As part of the deal, JIP will still develop products using Olympus brands, including OM-D and Zuiko.

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