Japanese mobile operator KDDI has acquired 93,634 of its own shares on the open market in December.
The purchase price was Y45.92bn (US$551m). Since the share buyback plan was approved in October 2010, the company has bought 185,589 shares for Y89bn…
Japanese mobile operator KDDI has acquired 93,634 of its own shares on the open market in December.
The purchase price was Y45.92bn (US$551m). Since the share buyback plan was approved in October 2010, the company has bought 185,589 shares for Y89bn (US$1.07bn).
The period of purchase runs until 31 March 2011. KKD has not disclosed the motivations behind this share buyback.
In a separate announcement, KDDI confirmed it will buy 76% of Taiwan-based digital music service provider KKBOX from parent Skysoft, which holds 100% of the company. The current management team will continue to own 24% of KKBOX.
Once the deal is completed, KKBOX will become a consolidated subsidiary of KDDI.
“KKBOX provides a multi-device digital music service which is accessible from such devices as PC, Smartphones and Mobile phone in Taiwan and Hong Kong,” read a KDDI statement.
“KDDI, through this acquisition, utilizing the service delivery platform and know-how of KKBOX, aims to provide new contents service for Smartphone users, and also intends to enter into China-market thorough the already established business platform of KKBOX around the region.”
KDDI and KKBOX, which did not disclose financial details about the deal, could not be reached for comment before going to press.
