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Japan's KDDI to buy Tepco's fiber-optic ops for 100 bln yen - report.
(From AFX Europe (Focus))
TOKYO (XFN-ASIA) - KDDI Corp has reached a basic agreement with Tokyo Electric Power Co (Tepco) to acquire that firm's fiber-optic communications business in January, The Nihon Keizai Shimbun has reported.
Major telecommunications company KDDI plans to issue new shares to Tepco as payment. These shares are estimated to be valued at more than 100 bln yen, the report said.
Top executives from both firms met and reached the agreement Friday, it said.
KDDI is to acquire Tepco's fiber-optic network in the greater Tokyo area, as well as the access lines into homes and businesses. It will also take over the 300,000 or so customers of Tepco's optical communications service.
Tepco is the fifth-largest shareholder in KDDI, with a stake of 4.8 pct as of end-March. Based on the current stock price, the new shares to be issued to Tepco will raise its stake in KDDI to about 8 pct -- the third-largest, behind the 12.9 pct interest held by Kyocera Corp and the 11.2 pct stake of Toyota Motor Corp.
Tepco is Japan's fifth-largest optical communications service provider, with 280,000 ...
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