Japan's NEC Corp. to sell internet provider Biglobe to investment fund

January 21, 2014 - 12:02:55 pm

TOKYO: Japanese NEC Corp. will sell its Internet service provider subsidiary NEC Biglobe Ltd. to a Tokyo-based investment fund, industry sources said Tuesday.

NEC's deal to sell the provider to Japan Industrial Partners Inc. will likely involve some tens of billions of yen, with its details to be determined later, Japan News Agency Kyodo quoted the sources as saying.

The fund, which was established by parties including Mizuho Securities Co., is planning to resell the business to another Internet provider.

The move is likely to trigger reorganization of the industry, the sources said. (QNA)