Financial Wire

GMO Internet Group Prices Secondary Offering of Unit Shares at 710 Yen

-- GMO internet group (TYO:9449) said it set the offering price at 710 yen per share for the sale of 61.5 million shares in its listed subsidiary GMO Internet, according to a Monday filing on the Tokyo Stock Exchange.

The offering represents about 22.4% of voting rights and is scheduled for delivery on April 28, with an additional over-allotment option of 13.7 million shares.

The company expects to book an extraordinary profit of about 40.5 billion yen on a non-consolidated basis, while the impact on consolidated earnings will be limited.

Following the transaction, its stake in the subsidiary will fall to about 58.1% but it will remain a consolidated unit.

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