Sony is planning to merge its European business into its Dutch arm to soften the impact of a no-deal Brexit, according to Financieele Dagblad.

The unit will be responsible for the company’s electronics business in Europe, including TV sets, but not the movie and TV channel businesses.

A spokesman for Sony Benelux confirmed to the Dutch paper that the Sony office in Hoofdorp, Netherlands will become the Japanese company’s headquarters in Europe.

The deal will be completed on March 29, 2019, at the end of Sony’s current fiscal year, according to merger documents reviewed by the Daily Telegraph. No jobs are expected to be affected by the legal move, with the company’s office in the UK remaining open.

According to the Dutch chamber of trade documents, Sony Europe BV was established in May last year and the merger documents with Sony Europe Limited were deposited with the chamber in November. The company’s statutory base is Hoofddorp, near Schiphol airport.

Earlier, Japan’s Panasonic said it is moving its headquarters from London to the Netherlands.