SoftBank to sell eAccess to Yahoo! Japan
Japanese operator SoftBank is to sell off its mobile internet service provider eAccess to Yahoo! Japan in a deal worth ¥324 billion ($3.2 billion).
Masayoshi Son, SoftBank’s owner, also has a 42% stake in Yahoo! Japan, and the deal represents a reshuffling of assets within the company’s portfolio.
Yahoo! Inc owns 35% of the Japanese subsidiary, and it serves as the nation’s largest internet portal.
The deal for eAccess is expected to give the company a boost in online advertising, e-commerce and digital content, as users increase their access to the internet through mobile devices.
eAccess is presently undergoing a merger with data company Willcom, and the deal with SoftBank is contingent to that merger going through. It is expected to close on June 1 2014.
With a combined profit of ¥10.1 billion ($99 million) between eAccess and Willcom, SoftBank is expecting to gain approximately ¥55.7 billion ($545 million) from the sale.