Japanese telecommunications operator KDDI Corp. will invest $800 million in acquiring a minority stake in online securities company Kabu.com Securities Co Ltd., part of Mitsubishi UFJ Financial Group Inc. (MUFG).
KDDI has agreed to pay $5.05 per Kabu.com share, representing 4.68 percent premium.
The company is bolstering its range of financial services, partnering Japanese lender Daiwa Securities Group Inc to provide asset management through smartphones.
Moreso, KDDI will also raise its stake in Jibun Bank, a joint venture with MUFG’s banking unit, to 63.78 percent.