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Yahoo Japan cancels $3.2 billion plan to buy eAccess

Company had announced the deal in March to grow the firm's Internet services business through smartphones and tablets

AFP/PTI  |  Tokyo 

giant Japan today said it has cancelled plans to buy domestic company from its parent Corp in a deal valued at about $3.2 billion.

In March, Yahoo's Japanese unit -- whose top shareholder is -- announced the deal which it said was aimed at growing the firm's services business through smartphones and tablets.

But on Monday, Japan said it has called off the merger after concluding it was more effective to operate the two firms independently.

The deal had been scheduled to be completed in early June, when is set to merge with company Willcom Inc, also a member of the group. That deal is still slated to go ahead.

First Published: Mon, May 19 2014. 14:30 IST