Japanese technology conglomerate Rakuten has sold a portion of its mobile network assets to a Macquarie Asset Management (MAM)-led consortium.
Rakuten will raise between JPY150bn to JPY300bn (€939m to €1.9bn) in the sale-and-leaseback deal with the MAM consortium which includes British Columbia Investment Management Corporation, via the Macquarie Asia-Pacific Infrastructure Fund 3.
The proceeds would be used for working capital and capital expenditure for Rakuten Mobile, expected to be approximately JPY100bn this year.
“Securing long-term and large-scale funding for Rakuten Mobile from leading global infrastructure investors, to meet immediate funding needs, not only contributes to diversifying the company’s financing methods and expanding its investor base but also is expected to further strengthen the group’s financial foundation,” Rakuten said.
Mickey Mikitani, chairman and CEO of Rakuten Group, said: “Rakuten Mobile is already well on its way to profitability and with our new initiative we will continue to build on this momentum, as we aim to reach profitability even faster and become the top mobile carrier in Japan.”
Verena Lim, co-head of Asia-Pacific Macquarie Asset Management infrastructure and CEO of Macquarie Group in Asia, said: “We believe Japan’s commitment to revitalise its digital economy and accelerate the pace of digital transformation presents significant opportunities to investors in the digital-infrastructure sector.
“The Rakuten Ecosystem and Rakuten Mobile’s network is at the very forefront of this digital evolution, and we are excited to partner with Rakuten Mobile to support and accelerate its business growth.”
Macquarie has been an investor in Japan for more than 24 years, and MAM has been investing in Japan, as well as connecting Japanese investors to global opportunities across infrastructure, green investment and real estate.
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