Rakuten Inc., the nation's largest Internet shopping mall, will enter the online brokerage sector by purchasing DLJdirect SFG Securities Inc., industry sources said Tuesday.
Rakuten will purchase all outstanding shares in DLJdirect for about 30 billion yen by the end of the year, the sources said on condition of anonymity.
The deal, which is part of Rakuten's plan to become a provider of comprehensive services on the Internet, will be announced next week.
Sony Corp. once tried to buy DLJdirect in order to forge a merger with its online brokerage unit, Monex Inc. It abandoned the plan last year.
DLJdirect, a joint venture between the Sumitomo Mitsui banking group and Credit Suisse First Boston Corp., is one of the top five online brokerages in Japan.
Credit Suisse has already made known its intention to sell its 50 percent stake in DLJdirect, with Rakuten having secured preferential rights to buy the shares by Monday.
Rakuten operates thousands of shops in its Rakuten Ichiba virtual mall.