TOKYO (Reuters) – Japan’s Mizuho (NYSE:) Monetary Group will take a 15% stake in Rakuten Group subsidiary Rakuten Card for 165 billion yen ($1.06 billion) in an additional deepening of the 2 firms’ strategic alliance, they stated on Wednesday.
The share switch is deliberate for Dec. 1, they stated.
The 2 teams agreed late final yr for Mizuho to lift its stake in group agency Rakuten Securities to just about half as Rakuten Group struggled financially, dragged down by its unprofitable cell community unit.
Rakuten stated the sale of the Rakuten Card stake would lead to a particular revenue of 159.35 billion yen on the unconsolidated stage within the monetary yr ending in December.
($1 = 155.1000 yen)
