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Business deals

Rakuten lands $2bn in capital from Tencent, Walmart and Japan Post

Move helps Japan online group strengthen mobile business and take on Amazon

Rakuten, which began as a platform for online retailers, is teaming up with Japan Post as it endeavors to become a bigger player in Japan's digital economy. Walmart and a Tencent subsidiary are investing in its latest expansion. (Source photos by Arisa Moriyama, Kosaku Mimura and Reuters)

TOKYO -- Japan's Rakuten on Friday announced it plans to raise 242 billion yen ($2.2 billion) by issuing new shares to Japan Post Holdings, Walmart and an investment firm backed by China's Tencent.

Japan Post Holdings will invest 149.9 billion yen this month, taking a stake of around 8% in the e-commerce group and becoming its fourth-largest shareholder. Image Frame Investment, the Tencent Holdings' subsidiary, agreed to pay 65 billion yen for a stake of 3.65%, while Walmart is purchasing over 16 billion yen worth of shares for a 0.92% stake.

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