Yahoo Japan Drops Plan To Acquire EAccess From SoftBank

(RTTNews) - Internet giant Yahoo Japan Corp has cancelled its plans to acquire mobile network operator eAccess from its parent SoftBank Corp. (SFTBF.PK, SFTBY.PK) in a deal worth $3.2 billion, or 324 billion yen.

eAccess and SoftBank's unit, WILLCOM, Inc., are still scheduled to merge with an effective date of June 1, 2014. The new company's name would be changed to Ymobile Corp. Yahoo Japan said it would still pursue the "Y!mobile" service with SoftBank, whilst eAccess builds infrastructure, according to the statement.

SoftBank owns 42.6 percent of Yahoo Japan.