Yahoo Japan said Thursday it would buy almost all of domestic telecom company eAccess from its parent, Softbank Corp., in a deal valued at around ¥324 billion ($3.2 billion).
The unit of mobile phone and Internet services giant Softbank said the deal was aimed at furthering growth in its Internet services through smartphones and tablets.
Acquiring 99.68 percent of the telecom company will allow it to integrate its Internet and mobile businesses, Yahoo Japan said in a statement.
“We will remain true to our two companies’ DNA. We will continue to be wild and challenge the status quo,” Yahoo Japan President Manabu Miyasaka was quoted as saying by Dow Jones Newswires.
He said details about what kinds of services and pricing plans the new company will roll out would be announced later.
The deal is scheduled to be completed in early June, when eAccess is set to merge with Willcom Inc., another telecom in the Softbank group.