$500m cash injection for eMobile

Nicole McCormick
09 Jul 2010
00:00
News
Daily News

Japanese cellco eMobile has received a 45 billion yen ($508.7m) capital injection from three investors, including US asset management firm the Blackstone Group.

eMobile said Blackstone had chipped in 16 billion yen to the firm, Japan’s smallest mobile operator, reportedly giving it a 5.98% stake.

Parent firm eAccess and existing investor Goldman Sachs also tipped in 17 billion yen and 12 billion yen respectively via a third-party allotment.

eMobile said the equity injection would strengthen the firm’s cash flow and balance sheet in the wake of its recent merger with its parent, which offers fixed-line broadband services.

The new enlarged entity says it aims to be Japan’s biggest fixed-mobile service provider.

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