Japanese telco SoftBank has announced its attention to significantly increase its stake in mobile gaming site GungHo.
The company plans to spend ¥25bn ($265m) on over 73,000 shares, taking its overall share ownership from 33.6 per cent to 58.5 per cent. It will acquire the shares from Asian Groove, a company run by Gung Ho chairman Taizo Son (who is also the brother of SoftBank CEO and billionaire Masayoshi Son).
GungHo is also the owner of cult console game manufacturer Grasshopper Manufacture.
SoftBank shares have risen 3.2 per cent following the news, with GungHo shares slipping 5.8 per cent.