Daily Management Review

Mizuho Financial Group to pay $552 for Rakuten Securities


Mizuho Financial Group, one of Japan's top banks, announced acquisition of 19.99% of Rakuten Securities online broker for 80 billion yen ($552 million). The transaction should be finished in November.

Rakuten Securities' customers and technologies will be available to Mizuho.

Rakuten Holdings, the company's largest shareholder, decided to take Rakuten Securities public.

The partnership between the large online broker and one of Japan's top banks, according to the leaders of Rakuten Holdings, will increase investor interest in Rakuten Securities' initial public offering.

The parent firm of Rakuten Holdings expects that this merger would raise the share price of Rakuten Securities Holdings.

source: bloomberg.com