Softbank has announced a deal to sell nearly all of domestic mobile unit eAccess to its joint venture Yahoo Japan for 324 billion yen ($3.17 billion).
Under the deal, Yahoo Japan will acquire a 99.68% stake in eAccess, which Softbank also intends to merge with PHS operator Willcom. After the acquisition, eAccess will become an indirect subsidiary of Softbank.
In a letter to shareholders, Yahoo Japan said the company will rebrand to Y!mobile and act as an “internet carrier”, focused on delivering internet services, with voice considered a supplementary offering. Y!mobile will share mobile networks with Softbank.
In its own statement, Softbank said it expects to book an accounting gain of 55.7 billion yen on the sale of eAccess shares for the financial year ending in March 2015.
Softbank is the largest shareholder in Yahoo Japan, a joint venture with Yahoo that the two companies formed in 1996.