Yahoo Japan looks to buy Japan's Zozo for $3.7 billion: reports [MarketWatch]
LY CORP UNS/ADR (YAHOY)
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Source: MarketWatch
Yahoo Japan looks to buy Japan's Zozo for $3.7 billion: reports Yahoo Japan Corp. 4689, +2.35% intends to buy a majority stake in Japanese online fashion retailer Zozo Inc. 3092, +15.05% for about $3.7 billion, according to multiple reports Wednesday. Nikkei Asian Review reported Yahoo Japan plans to purchase 50.1% of Zozo and make it a subsidiary. Zozo founder and CEO Yusaku Maezawa has stepped down, and Reuters reported he will sell his 30% stake in the company. The move will allow Yahoo Japan to compete in e-commerce with Amazon.com Inc. AMZN, +0.13% and Japan-based Rakuten Inc. 4755, -2.86% . Reports said the billionaire Maezawa will shift his focus to pursuing his many personal interests. In 2017 he bought a Basquiat painting for a record $110.5 million, and last year SpaceX announced he will be the first space tourist to fly to the moon .
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