US NextWave to buy IP Mobile stake from Mori Trust

TOKYO, July 13 (Reuters) - U.S. wireless technology firm NextWave Wireless Inc. (WAVE.O) will buy a controlling stake in a Japanese mobile phone venture, aiming to become the first foreign entrant in Japan's cellphone industry since Vodafone Group Plc's (VOD.L) withdrawal last year.

Real estate developer Mori Trust said on Friday it will sell its entire 69.23 percent stake in IP Mobile, which has twice extended its plans to launch mobile phone services in Japan, and withdraw from a market that is tough for newcomers.

Mori Trust declined to disclose the price of the deal. IP Mobile was originally scheduled to begin mobile services last autumn.