US telecom firm NextWave Wireless has apparently decided to sell its stake in IP Mobile, only one month after it became the majority shareholder, according to this announcement [.pdf in Japanese]. In July NextWave signed a definitive agreement to aquire 69.23 percent of the company from Mori Trust. IP Mobile was awarded an operating licence in November 2005 and was given two years to launch mobile broadband services.
According to this article on The Japan Times:
The buyback was an option included in the agreement made when Mori Trust sold its 69.23 percent stake in IP Mobile to NextWave in July, the Tokyo-based real estate company said Wednesday.
Mori Trust said it has signed a contract with IP Mobile Chairman Itsuo Sugimura to sell the shares to Sugimura. However, Issei Takeuchi, president of IP Mobile, said he knew nothing about the executives’ plan to buy back the shares, adding that he has not been able to get in touch with Sugimura over the matter.
California-based NextWave has reportedly concluded that it would be difficult to post a profit in the Japanese market, which is dominated by a few major mobile operators. The Japanese real estate group Mori Trust Co. will buy back the stake and again become the largest shareholder in the Tokyo-based cellphone firm, it said. Source: AFP.