NTT Docomo Plans to Acquire SBI Sumishin Net Bank

By Kosaku Narioka

NTT Docomo plans to acquire SBI Sumishin Net Bank as part of efforts to strengthen its financial-services business.

The mobile-carrier unit of Nippon Telegraph & Telephone said Thursday that it will launch a tender offer to purchase shares of SBI Sumishin at 4,900 yen each.

NTT Docomo plans to spend Y233.6 billion, equivalent to $1.61 billion, for the tender offer, it said. The tender offer period will commence on May 30 and conclude on July 10, the company said.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

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