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Rakuten to transfer part of B2B unit to Japan's SynaBiz for ¥3M

Japanese e-commerce and tech company Rakuten Inc. said Dec. 7 that it plans to divest part of its business-to-business unit Rakuten B2B to SynaBiz Co. Ltd. for ¥3 million.

Rakuten B2B operates as a procurement platform for merchants of the online shopping portal Rakuten Ichiba, which is used to mediate between suppliers that are selling or wholesaling goods. However, Rakuten has decided to close the business, citing changes in merchant demand. It expects to shut down Rakuten B2B at the end of March 2018.

At such time, the company will transfer Rakuten B2B's exhibition contracts with supplier companies to SynaBiz. The agreement excludes preliminary buyers who are Rakuten Ichiba merchants and certain company employees, as well as assets and liabilities of Rakuten B2B.

The transfer is expected to be effective March 30, 2018.

SynaBiz is a subsidiary of Japanese online auction search site operator Aucfan Co. Ltd.

As of Dec. 6, US$1 was equivalent to ¥112.25.