Yahoo Japan Acquires Majority Share of ZOZOTOWN

A deal that could be worth $3.7 billion USD
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Image via: Yusaku Maezawa

Image via: Yusaku Maezawa

Yusaku Maezawa, the CEO of popular online shopping destination ZOZOTOWN has agreed to sell his majority share in the company to Yahoo Japan and step down from his position according to Financial Times.

Estimated to be worth around $3.7 billion USD in total, Maezawa is selling a 30% share in ZOZO (he owns 36% of shares) to Yahoo Japan for $2.2 billion USD. Yahoo Japan is offering to buy up 50.1% of total shares in the company at ¥2,620 JPY ($24 USD) per share. The move was made in an effort by Yahoo Japan to keep pace with the likes of Amazon and other ecommerce platforms.

Maezawa is fully preparing to fly around the moon as Elon Musk's first private passenger now.