Cabler will buy shares from Matsushita, Kosaido
TOKYO — Jupiter Telecommunications has bolstered its position as Japan’s No. 1 cabler by acquiring Osaka-based Cable West from Matsushita Electric, ending the latter’s involvement in the business.
Jupiter will buy 107,801 shares from Matsushita and 17,255 from Tokyo-based printer Kosaido, boosting its Cable West stake from 8.58% to 73.54%.
Deal, announced Monday, is valued at ¥47,435 million ($409 million). Cable West will join the Jupiter group Sept. 28 as a subsidiary.
Cable West, Japan’s third-largest cable TV operator, serves 350,000 subscribers in the Osaka area. Sales in the fiscal year ending in March are expected to be $202 million.
Jupiter offers cable TV, high-speed Internet, fixed-line and mobile-phone services to 2.23 million subs through 19 regional cable companies operating 35 cable stations from Hokkaido in the north to Kyushu in the south.