The Japanese government will sell a 3 percent stake in NTT (NYSE: NTT), the country's incumbent service provider. From this sale, the government will net approximately $2.2 billion.
Japan's move shouldn't come all that much of a surprise as a report emerged last week that it had been considering selling a piece in NTT last week.
According to Reuters, citing a report from the Nikkei business daily, NTT will purchase the shares from the government via what is known as an "off-floor exchange platform." By using this platform, it will be able to prevent the stock from being release onto the market.
While neither Japan's finance ministry nor NTT were able to comment, the government would set a sale date as it examines market conditions.
- Reuters has this article
Japan considers selling NTT shares in 2011
NTT Communications debuts global IP voice dialing service
NTT Data close to making $1.2 billion offer for Keane
NTT Communications, Microsoft could strike cloud computing agreement
NTT America adds storage to its enterprise cloud offering
NTT America launches enhanced multi-link Ethernet product
NTT America hands President and CEO torch to Kazuhiro Gomi
NTT America establishes network presence in Boston, Mass.