Yahoo Japan announced today that it has reached an agreement to control the Japanese electronic sales firm of clothing and accessories Zozo, in an operation valued at about 3.710 million dollars.
Through this operation, approved by the boards of directors of the two firms, Yahoo Japan will buy up to 153 million shares of Zozo, equivalent to 50.1% of the capital, with a price offered per title of 2,620 yen ($ 24.3 / 22.0 euros).
That value of 2,620 yen represents a premium of 21% of the price of Zozo's securities at the close of Wednesday's session, according to the notes of the two companies in which details of the offer are given.
If the operation is completed in the terms agreed by the addresses of both firms, the sale of shares will be valued at about 400,000 million yen (3,710 million dollars / 3,369 million euros).
Yahoo Japan, a remnant of the group that was once a giant of online services, has the Softbank technology group as its largest shareholder.
The purchase of Zozotwon, better known as Zozo and launched in 2004, can allow Yahoo Japan to bet heavily on e-commerce and compete with groups such as Amazon and the Japanese firm Rakuten.
Along with the details of the operation, Zozo announced that its founder and top manager, Yusaku Maezawa, stopped leading the company and was replaced as of today by Kotaro Sawada,
Maezawa, a 43-year-old Japanese billionaire, announced last year that he wants to become the first tourist to fly around the Moon, in 2023, aboard Elon Musk's SpaceX.
The founder of Zozo retains 36.8% of Zozo's shares, but has agreed to include 30.4% of those shares in the package that it intends to buy Yahoo Japan.
Yahoo Japan reported that the steps to implement the purchase offer will begin next October, but cannot anticipate when they will end, pending the operation being approved by all parties, including the Japanese regulatory authorities.
Yahoo Japan's offer on Zozo was announced before the Tokyo Stock Exchange opened. An hour after the start of operations, Zozo's shares rose 14.8% and reached 2,486 yen ($ 23 / 20.9 euros).
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