Rakuten to raise $2.2 billion from Walmart, Tencent and Japan Post

Rakuten to raise $2.2 billion from Walmart, Tencent and Japan Post

Rakuten Inc. Chairman and Chief Executive Officer Hiroshi Mikitani delivers a speech during the Rakuten Optimism 2019 on July 31, 2019 in Yokohama. Japan.

Tomohiro Ohsumi | Getty Images News | Getty Images

Japanese tech giant Rakuten is planning to raise $2.2 billion to help it compete with its U.S. rivals. 

The company announced Friday that it will issue 211,656,500 shares at 1,145 Japanese yen ($10.5) per share.

National post service Japan Post is expected to buy 131,004,000 shares for an 8.3% stake, Chinese internet firm Tencent is expected…

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