Yahoo Japan Drops $3.2 Billion Plans to Buy eAccess from SoftBank Reuters
SoftBank's restructuring plans have ruined those of Yahoo
Yahoo Japan was looking into buying mobile network operator eAccess Ltd. from SoftBank Corp for $3.2 billion (€2.33 billion), but it looks like these plans have been dropped.The plans were part of the reorganization of SoftBank group assets, which also holds 42.6 percent from Yahoo Japan. It was supposed to give SoftBank some extra cash to engage in an aggressive acquisition strategy overseas.
Reuters reports that the eAccess will, however, merge with wireless provider Willcom Inc., another SoftBank unit, as originally planned.
The deal to purchase eAccess was announced at the end of March. In the discussion following the announcement, however, it was decided that Yahoo Japan would instead offer services via the eAccess network without purchasing it. This enables SoftBank to merge the mobile network operator with other companies it owns.
This is most likely disappointing for Yahoo. A few months back, Manabu Miyasaka, the president of the Japanese branch, said that in order to achieve 10 million additional mobile users, the company would need complete control over its own handsets and network.
However, it did seem odd that an Internet company would buy a network operator just for this purpose.
SoftBank wants to become the number one mobile Internet company and it holds nearly all the stocks in eAccess.
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