Nomura Holdings Inc. (8604), Japan’s largest brokerage, plans to sell its 50 percent stake in a real estate joint venture to Development Bank of Japan Inc., said two people with knowledge of the matter.
Nomura and Development Bank, its partner in Tokyo-based DBJ Nomura Investment Co., are in final talks to shift full ownership to the state-run lender, said the people, who asked not to be named before an announcement. They declined to say how much Development Bank would pay for the stake in the company, which manages 50 billion yen ($624 million) of assets.
The Asahi newspaper reported the plans to end the partnership earlier today. Keiko Sugai, a spokeswoman for Nomura in Tokyo, declined to comment.
“No decision has been made,” said Tetsuro Okita, a spokesman for Development Bank.
To contact the reporters on this story: Takahiko Hyuga in Tokyo at firstname.lastname@example.org; Takako Taniguchi in Tokyo at email@example.com
To contact the editor responsible for this story: Chitra Somayaji at firstname.lastname@example.org