February 12, 2019 / 7:04 AM / 6 months ago

KDDI to spend $800 million to buy minority stake in Kabu.com

FILE PHOTO: The logo of Japan's second-biggest mobile phone operator KDDI Corp is seen at its headquarters in Tokyo, Nov. 28, 2008. REUTERS/Stringer/File Photo

TOKYO (Reuters) - Japan’s KDDI Corp said on Tuesday it would spend $800 million to buy a minority stake in Kabu.com Securities Co Ltd in the telco’s latest move to expand in finance.

KDDI will pay 559 yen per Kabu.com share, a 4.68 percent premium over Friday’s closing price, the company said, acquiring a minority stake in the online brokerage, a unit of Mitsubishi UFJ Financial Group Inc (MUFG).

KDDI is bolstering its range of financial services, partnering Daiwa Securities Group Inc to provide asset management via smartphones.

KDDI also said it would raise its stake in Jibun Bank, a 50:50 joint venture with MUFG’s banking unit, to 63.78 percent.

Reporting by Chang-Ran Kim; Editing by Muralikumar Anantharaman

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