Fujitsu on Wednesday confirmed previous reports that it would sell a majority stake in its wholly-owned mobile phone unit to investment fund Polaris Capital Group.

The Japanese company will transfer shares in Fujitsu Connected Technologies Limited, a consolidated subsidiary of Fujitsu, as well as shares in a new company that will take over the mobile device business of Fujitsu Peripherals Limited, to a new company that Polaris will establish. The two companies aim to complete the share transfer by the end of March 2018.

Fujitsu will retain a 30 percent stake in the unit, Fujitsu Connected Technologies, after the sale.

It did not disclose the sale price but will book about a 30 billion yen ($276 million) gain from the sale of shares in the unit as well as well as those in a new company that will take over the mobile device business of Fujitsu Peripherals Ltd.

As the mobile device business has become increasingly commoditized, competition among global vendors has intensified. In light of this environment, in February 2016 Fujitsu performed a company split of Fujitsu Connected Technologies as a wholly owned subsidiary handling the mobile device business.

The sale leaves just three Japanese players - Sony, Sharp and Kyocera - in a global market dominated by Apple, Samsung Electronics and cheaper Chinese rivals.