Japan's Sumitomo to spend $5.9 billion to buy IT firm SCSK
Logos of Sumitomo Corp are seen after the company's initiation ceremony at its headquarters in Tokyo, Japan April 2, 2018. REUTERS/Toru Hanai
TOKYO :Japan's Sumitomo Corp said on Wednesday it would spend about 881.7 billion yen ($5.85 billion) to turn SCSK, an IT service company, into a wholly owned subsidiary.
The Japanese trading house will launch a tender offer on Thursday for 5,700 yen apiece, representing a 32 per cent premium over SCSK's closing share price on Wednesday.
Sumitomo already owns a 50.49 per cent stake in SCSK, according to LSEG data.
($1 = 150.7800 yen)
Source: Reuters
