Nippon Telegraph and Telephone Corp. or NTT (NTTDF) announced that it has secured sufficient bids in the tender offer to buy its majority controlled NTT Data Group Corp. (NTDTY) in a deal reportedly valued at 2.37 trillion Japanese yen or around $16.3 billion.
The settlement for the acquisition is scheduled to commence on June 26.
NTT, the controlling shareholder of NTT DATA, announced its decision to take the full control of the AI unit on May 8, and the tender offer commenced on May 9 and completed as of June 19.
In the offer, the purchase price was 4,000 yen per share of common stock.
With the acquisition, the Japanese telecom giant aims to boost its AI capabilities.
In Tokyo, NTT shares closed Friday's regular trading at 152.30 yen, down 1.30%, while NTT DATA closed at 4,000.00 yen, up 0.38%.
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