Mizuho Said to Raise Rakuten Securities Stake to Almost 50%
- Mizuho to invest $576 million to raise Rakuten stake to 49%
- Rakuten says it will reapply for IPO at appropriate timing
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Mizuho Financial Group Inc. plans to increase its investment in Rakuten Group Inc.’s online securities arm, which isn’t proceeding with an initial public offering for now.
Japan’s third-largest banking group will raise its shareholding in Rakuten Securities Inc. to 49%, slightly more than a year after it bought about 20% of the firm and formed a business alliance. The deal is valued at 87 billion yen ($576 million) and scheduled to close on Dec. 15 subject to regulatory approval, according to a joint statement on Thursday by Mizuho and Rakuten.