Japan's Dentsu to sell kakaku.com stake to KDDI for $734 mln

Kakaku.com

02/08/2018 07:50

TOKYO, Aug 2 (Reuters) - Japanese advertising agency Dentsu
Inc  4324.T  said on Thursday it has agreed to sell its stake in
popular price comparison site kakaku.com Inc  2371.T  to KDDI
Corp  9433.T  for 79.3 billion yen ($734.57 million).
    Dentsu said it would sell its entire 16.6 percent stake in
kakaku.com at 2,264.87 yen per share, compared with the closing
share price of 2,390 yen on Thursday. 
    The company said it expects to book about 51.5 billion yen
as a gain from the transaction for its financial third quarter
ending in September.
    Dentsu said it decided to sell the stake to "accommodate
expected funding needs for domestic and international M&As in
the future."
($1 = 111.6300 yen)

 (Reporting by Taiga Uranaka
Editing by Chang-Ran Kim)
 ((taiga.uranaka@thomsonreuters.com; +81-3-6441-1813; Reuters
Messaging: taiga.uranaka.reuters.com@reuters.net))