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August 24, 2005

KDDI to Buy TEPCO’s Telecom Unit

Japan’s second-largest telecoms operator KDDI Corp. has agreed to buy Tokyo Electric Power Co.’s (TEPCO) fixed-line telecoms unit PoweredCom, Inc. in a stock-swap deal, the Asahi daily reported on Wednesday. The Nihon Keizai business daily reported on 29 July that TEPCO, Asia’s biggest utility, would transfer its entire 84 percent stake in unlisted PoweredCom in exchange for KDDI shares in a deal that would value PoweredCom at around 100 billion yen ($900 million).

KDDI said at that time it was in talks with TEPCO and was considering options including the acquisition of PoweredCom. Officials at TEPCO and KDDI were not immediately available for comment on Wednesday. Source

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