Law360, New York (November 28, 2011, 5:28 PM EST) -- Tokyo Electric Power Co. will sell its 8 percent share in Japanese mobile network operator KDDI Corp. for 186.3 billion yen ($2.4 billion), as it tries to raise money to compensate the victims of the nuclear disaster at its Fukushima Daiichi plant, the company announced Monday.
The company, known as Tepco, will take a loss of 35.1 billion yen on the deal, it said in a statement. The sale of 357,541 shares of common stock will rid Tepco of its entire stake in KDDI.
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.