Yahoo to Acquire Online Fashion Mall Operator Zozo
Tokyo, Sept. 12 (Jiji Press)--Internet portal Yahoo Japan Corp. <4689> said Thursday that it will acquire online fashion marketplace operator Zozo Inc. <3092> for around 400 billion yen.
Yahoo Japan, a subsidiary of Softbank Corp. <9434>, will spend the amount to take a 50.1 pct equity stake in Zozo in a tender offer, aiming to make it a subsidiary by year-end. The offer will open in early October at a price of 2,620 yen a share.
Yahoo Japan hopes to enhance its competitiveness against other online shopping sites such as those of Amazon Japan G.K. and Rakuten Inc. <4755>.
For the acquisition, Yahoo Japan will use its own funds and take out loans.
Zozo's market capitalization reached some 675 billion yen as of Wednesday. The company will remain listed on the Tokyo Stock Exchange's first section after the acquisition.
[Copyright The Jiji Press, Ltd.]