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Rakuten Group Inc.
4755,
said Friday that it agreed to sell a 20% stake in its online brokerage unit to Mizuho Securities Co. for 80.00 billion yen ($551.2 million) and form a strategic alliance.
Rakuten and Mizuho, a unit of Mizuho Financial Group Inc.
8411,
said they would consider potential collaboration to maximize the strengths of both companies and accelerate growth.
Mizuho Securities plans to buy the stake in Rakuten Securities on Nov. 1, the companies said.
Rakuten Group has been suffering losses due partly to losses from its mobile business and has said it planned to list its banking unit and its brokerage holding company.
