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Softbank to eAccess for $1.8 billion

Last Updated 01 October 2012, 16:26 IST

Softbank Corp will acquire smaller rival eAccess Ltd in a $1.84 billion deal as Japan’s No 3 mobile carrier steps up its battle for market share with its nearest competitor KDDI Corp.

Softbank will pay 52,000 yen for every eAccess share under a share swap that will be completed in February, Softbank said on Monday, a premium of more than three times eAccess’s closing price of 15,070 yen on Friday.

Softbank is setting the next stage of a market share war. Softbank, the first Japanese mobile service carrier to carry the popular smartphone, is vying with KDDI for iPhone devotees with the launch of the iPhone5 last month.

The addition of eAccess's subscribers would give Softbank a total of 39 million users, outstripping KDDI's 36 million customer base.

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(Published 01 October 2012, 16:26 IST)

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