Yahoo Japan Corp., owner of the nation’s largest Web portal, acquired CyberAgent Inc.’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., 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.