KDDI to Acquire 50% Stake in Bangladeshi Internet Service Provider
Tokyo, Nov 18, 2009 (JCN) - KDDI Corp. will acquire a 50 percent stake in BRAC BD Mail Networks Ltd. of Bangladesh through a third-party allotment of new shares by the Dhaka-based Internet access service provider.
KDDI will invest in the company known as bracNet as the penetration rate of the Internet remains as low as 2 percent in Bangladesh despite strong demand. The Bangladeshi company was founded in 2005 by Defta Partners, a venture capital firm in California, and Bangladesh Rural Advancement Committee, a non-profit organization in Dhaka.
KDDI has yet to announce details of the equity acquisition deal, including its value and date.
Print
Alerts
