eAccess buys 10.3% stake in ACCA Networks

8 Aug 2006

Japan’s third largest internet access provider eAccess has acquired a 10.3% stake in smaller rival ACCA Networks, becoming its second biggest shareholder. In a statement, eAccess said it had bought 12,827 ACCA shares for JPY3.3 billion (USD29 million). It sees the investment as an excellent way to boost its rapidly expanding ADSL subscriber base. The announcement prompted a 15% rise in ACCA’s share price to JPY255,000 per share in early trading. ACCA Networks’ biggest shareholder is NTT Communications, a unit of Nippon Telegraph and Telephone Corp.

Japan, NTT Communications