Livedoor to Buy Used Car Dealer JAC Holdings for 15 Bil. Yen
Posted on: Monday, 29 August 2005, 15:00 CDT
Aug. 26--TOKYO -- Internet portal operator Livedoor Co. said Thursday it will acquire major used car dealer JAC Holdings Co. for 15 billion yen in a bid to expand its e-commerce business.
Livedoor will buy about 7.6 million shares of JAC from Itochu Enex Co., a major shareholder of the used car dealer.
Subsequently, JAC will increase its capital by issuing new shares worth 13.5 billion yen to Livedoor, making the Internet operator its parent company with a 51 percent stake.
JAC was established in 1987 and currently operates 75 shops nationwide.
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Source: Kyodo News International, Tokyo
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