Mizuho Financial Group (MFG) has agreed to acquire a 14.99% stake in Rakuten Card through a share transfer agreement, both firms said in a statement on Wednesday.
Rakuten Card will remain a subsidiary of Rakuten following the transaction, which is expected to be concluded by Dec.1.
This transaction is valued at around 165 billion yen ($1.06 billion), Rakuten said in a statement.
Additionally, Mizuho, Rakuten Card, and Rakuten formed a business alliance "to transform Japan's digital payment landscape," continuing its role in Rakuten's broader FinTech operations, Rakuten said.
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