JTOWER Inc. (TSE:4485) announced a private placement of 1,106,946 common shares at a price ¥6,640 per share for gross proceeds of ¥7,350,121,440 on May 14, 2021. The transaction will include participation from KDDI Corporation (TSE:9433) for 553,473 shares for CNY 3,675,060,720 and returning investor Nippon Telegraph and Telephone Corporation (TSE:9432) for 553,473 shares for CNY 3,675,060,720. The capital will increase from 20,832,872 shares to 21,939,818 shares.

The placement will being made through third-party allotment. The transaction has been approved by the board of directors of the company.