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Business deals

Carrier KDDI to expand financial services with buy

Japan's second-largest wireless provider hurries to diversify from smartphones

KDDI's investment in Securities comes as smartphones are increasingly used to access financial services beyond making purchases. (Photo by Makoto Okada)

TOKYO -- KDDI will invest in online brokerage Securities and establish a holding company for finance-related subsidiaries, diversifying its revenue sources as smartphones transform the way customers access such services.

The Japanese mobile carrier announced Tuesday that it will spend as much as 91.4 billion yen ($827 million) on a tender offer that will fetch a 49% stake in That equates to 559 yen per share, a 6% premium over Tuesday's closing price. Mitsubishi UFJ Financial Group will remain the majority shareholder after the deal, which is scheduled for completion within 30 business days from late April. will be delisted thereafter.

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