TOKYO: Yahoo Japan Corp has agreed to pay as much as US$3.7bil to take control of flamboyant entrepreneur Yusaku Maezawa’s Zozo Inc, stepping up competition against Amazon.com Inc and Rakuten Inc in one of Asia’s largest online retail arenas.
Maezawa, the outspoken billionaire who’s set to become the first paying passenger aboard Elon Musk’s SpaceX ride around the moon, will sell some of his own shares in the online fashion mall and step down as chief executive officer yesterday to make way for director Kotaro Sawada.
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