Mizuho Financial Group to buy 15% of Rakuten Card for $1 bln

Rakuten

13/11/2024 06:27

TOKYO, Nov 13 (Reuters) - Japan's Mizuho Financial Group
 8411.T  will take a 15% stake in Rakuten Group  4755.T 
subsidiary Rakuten Card for 165 billion yen ($1.06 billion) in a
further deepening of the two companies' strategic alliance, they
said on Wednesday.
    The share transfer is planned for Dec. 1, they said.
    The two groups agreed late last year for Mizuho to raise its
stake in group firm Rakuten Securities to nearly half as Rakuten
Group struggled financially, dragged down by its unprofitable
mobile network unit.
    Rakuten said the sale of the Rakuten Card stake would result
in a special profit of 159.35 billion yen at the unconsolidated
level in the financial year ending in December.
($1 = 155.1000 yen)

 (Reporting by Chang-Ran Kim; Editing by Muralikumar
Anantharaman)
 ((ran.kim@thomsonreuters.com; +81-3-4520-1228;))