TOKYO -- Nippon Telegraph and Telephone announced on Thursday that it plans to turn NTT Data Group into a wholly owned subsidiary through a tender offer worth 2.37 trillion yen ($16.4 billion), accelerating its shift from telecommunications to the technology sector by leveraging the unit's strength in corporate IT services.
Japan's top telecom provider and one of the country's largest listed companies holds around 58% of NTT Data, which oversees the group's international operations. The company said that it will offer 4,000 yen per share for the remaining shares -- a 33.7% premium on Wednesday's market closing price. NTT Data will be delisted afterward. The tender offer period is set for May 9 to June 19.
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