Rakuten Sells Mizuho 15% of Credit Card Arm for $1.1 Billion
- Stake sale expected to ease online retailer’s financial woes
- Move deepens Rakuten’s ties with Japan’s third-biggest bank
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Rakuten Group Inc. is selling about 15% of its lucrative credit card arm to Mizuho Financial Group Inc. for ¥165 billion ($1.1 billion), the latest move by the online retailer to shore up its capital.
The sale would give the e-commerce pioneer, which reported its 17th straight quarterly net loss in the September period, a one-time gain of ¥159.4 billion in the current quarter, Rakuten said in a statement Wednesday.