Jupiter Telecommunications Co. fell the most in more than two years after Bain Capital LLC offered to buy 50 percent of TV shopping affiliate Jupiter Shop Channel Co.
Jupiter Telecommunications, also known as JCom, declined as much as 9.3 percent to 79,900 yen. The stock fell 7.3 percent to 81,700 yen as of 10:44 a.m. on the Jasdaq exchange, compared with a 0.1 percent drop in the Nikkei 225 Stock Average.
Bain, the Boston-based private-equity firm co-founded by Mitt Romney, will acquire 50 percent of Jupiter Shop Channel, the stake’s owner, Sumitomo Corp. (8053), said on June 22. The deal is valued at more than $1 billion, according to a person familiar with the transaction, who asked not to be identified because the terms weren’t disclosed.
Sumitomo controls almost 40 percent of JCom, while Jupiter Shop Channel is closely held, according to data compiled by Bloomberg.
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