Yahoo Japan drops $3.2 billion plan to buy eAccess from SoftBank

Reuters News
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Posted: May 19, 2014 2:35 AM

TOKYO (Reuters) - Yahoo Japan Corp <4689.T> has dropped its plan to buy mobile network operator eAccess from top shareholder SoftBank Corp <9984.T> in a 324 billion yen ($3.2 billion) deal to reorganize SoftBank group assets and create a new mobile Internet service.

SoftBank said on Monday that eAccess would proceed with a planned June 1 merger with SoftBank's Willcom wireless services subsidiary.

SoftBank said that during discussions that followed the March 27 announcement that Yahoo Japan would acquire eAccess, it was decided that Yahoo Japan would instead offer services via eAccess but leave eAccess as a separate company operating wireless network infrastructure.

SoftBank owns 42.6 percent of Yahoo Japan, the country's biggest Internet portal.

($1 = 101.4600 Japanese Yen)

(Reporting by Yoshiyasu Shida and Edmund Klamann; Editing by Chang-Ran Kim)