News organization Nikkei Inc. announced Monday that it has completed the acquisition of British newspaper The Financial Times from the U.K. media giant Pearson Plc.
Announced by Nikkei and Pearson in July, the agreement saw the Japanese company paying 844 million pounds sterling ($1.3 billion) for all shares in the Financial Times Group, a multi-company asset Pearson has owned since 1957.
"It is a great honor to welcome the FT to the Nikkei family," Nikkei Chairman Tsuneo Kita said in a statement. "The FT's trusted brand and innovative use of digital technology will be invaluable to Nikkei Group as it implements its strategy for global growth. I am fully convinced that this partnership puts us on the right trajectory to be the world's premier business media."
In addition to business news publishing, Nikkei and the FT plan to collaborate in a wide range of areas, such as advertising, distribution, events, technology and special reports.
John Ridding, the FT Group's chief executive, said in the statement: "This is the start of an exciting new chapter for the FT. We believe the partnership with Nikkei will further drive our global expansion."
The Financial Times, first published in 1888 in London, has grown its business media services internationally and made an aggressive push to establish an online presence.
Best known in Japan for its namesake flagship newspaper, Nikkei also offers news services in English. The company said the FT will spearhead the Nikkei Group's English language expansion.