August 2, 2018 / 7:24 AM / 2 years ago

Japan's Dentsu to sell stake to KDDI for $734 million

TOKYO (Reuters) - Japanese advertising agency Dentsu Inc (4324.T) said on Thursday it has agreed to sell its stake in popular price comparison site Inc (2371.T) to KDDI Corp (9433.T) for 79.3 billion yen ($734.57 million).

Dentsu said it would sell its entire 16.6 percent stake in at 2,264.87 yen per share, compared with the closing share price of 2,390 yen on Thursday.

The company said it expects to book about 51.5 billion yen as a gain from the transaction for its financial third quarter ending in September.

Dentsu said it decided to sell the stake to “accommodate expected funding needs for domestic and international M&As in the future.”

Reporting by Taiga Uranaka; Editing by Chang-Ran Kim

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