Yahoo Japan Buys CyberAgent Currency-Trade Unit for $254 Million

Yahoo Japan Corp. (4689), owner of the nation’s largest Web portal, acquired CyberAgent Inc. (4751)’s foreign- exchange unit for 21 billion yen ($254 million) to tap increasing demand for trading on smartphones.

Yahoo Japan, 35 percent owned by billionaire Masayoshi Son’s Softbank Corp. (9984), signed the agreement today with completion of the deal slated for Jan. 31, the company said in a statement to the Tokyo Stock Exchange.

Buying Tokyo-based CyberAgent FX Inc. will add to Yahoo Japan’s financial services, which include news and trading settlements.

CyberAgent FX was formed in September 2003 and held 9.1 billion yen of net assets as of March 31, according to the statement. CyberAgent operates the Ameba blogging service.

To contact the reporter on this story: Shigeru Sato in Tokyo at ssato10@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.