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A Japanese retail billionaire, rather than a Silicon Valley wunderkind, is the biggest beneficiary of Lyft Inc.’s impending initial public offering.

Hiroshi ‘Mickey’ Mikitani’s e-commerce group Rakuten Inc. owns 13.1 percent of the ride-hailing company, offering documents show. That would be worth more than $2.9 billion if Lyft goes public with a valuation in the middle of its anticipated range of $20 billion to $25 billion.

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