Japan's Sumitomo to spend $5.9 billion to buy IT firm SCSK
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Logos of Sumitomo Corp are seen after the company's initiation ceremony at its headquarters in Tokyo, Japan April 2, 2018. REUTERS/Toru Hanai
TOKYO (Reuters) -Japan's Sumitomo Corp said on Wednesday it would spend about 881.7 billion yen ($5.85 billion) to turn SCSK, an IT service company, into a wholly owned subsidiary.
The Japanese trading house will launch a tender offer on Thursday for 5,700 yen apiece, representing a 32% premium over SCSK's closing share price on Wednesday.
Sumitomo already owns a 50.49% stake in SCSK, according to LSEG data.
($1 = 150.7800 yen)
(Reporting by Satoshi SugiyamaEditing by Chang-Ran Kim)
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