The two companies said Friday in news releases that they had agreed to complete the deal by around March of next year.
Toshiba paid 90 billion yen ($1.1 billion) for the facilities in the southern prefecture of Nagasaki in a deal announced in 2007.
The companies then formed a joint venture to produce the powerful Cell processor, which is used in the PlayStation as well as limited consumer products and computers.
Toshiba, Sony and IBM Corp. jointly developed the chip and hoped to use it in a wide variety of applications, but its main use remains the PlayStation.
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