Japan Industrial Partners eyes $666m Biglobe deal - report
Japan Industrial Partners (JIP) could acquire Biglobe, Japan's fourth-largest internet service provider (ISP) by number of customers, from IT giant NEC in a deal worth JPY70 billion ($666 million).
According to the Nikkei, NEC is in late-stage discussions with the mid-market buyout firm which is said to be seeking tie-ups between BigGlobe and other Japanese companies with internet-related business such as Sony and Fujitsu.
Biglobe currently has 3 million subscribers with sales of JPY 84.1 billion in fiscal 2012. Due to the proliferation of smartphones, internet subscription has soared in Japan but the market is dominated but a handful of players such as telecoms giant NTT. As a result other ISPs, such as Sony's So-net and Fujitsu's Nifty, have struggled.
NEC has held two rounds of bidding for Biglobe since last October. A final round took place in December where other bidders included Itochu Corp. and domestic buyout fund Japan Rising Equity.
JIP is currently investing out of its third buyout fund, a $600 million vehicle which launched in 2008.
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