Cameras

Ricoh acquires Pentax camera business for $124 million

Ricoh has agreed to purchase the PENTAX Imaging Systems Business from its owner, HOYA Corporation, for approximately 10 billion yen ($124.2 million) according to the Nikkei business daily.

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Ricoh has agreed to purchase the PENTAX Imaging Systems Business from its owner, HOYA Corporation, for approximately 10 billion yen ($124.2 million) according to the Nikkei business daily. Hoya themselves acquired Pentax after a 2008 merger. The deal will be completed in October.

Pentax cameras are typically more affordable than comparable models from market leaders Nikon and Canon, often at the cost of performance and features. According to the analyst group IDC, Pentax holds just 1.5% of worldwide market share. The timing here is odd considering Pentax's recent announcement of the Q, a tiny interchangeable lens camera slated for launch in Fall 2011.

The two companies will hold a joint news conference at 0730 GMT regarding the transaction.