07:01 AM EST, 11/13/2024 (MT Newswires) -- Mizuho Financial Group ( MFG ) has agreed to acquire a 14.99% stake in Rakuten Card through a share transfer agreement, both firms said in a statement on Wednesday.

Rakuten Card will remain a subsidiary of Rakuten following the transaction, which is expected to be concluded by Dec.1.

This transaction is valued at around 165 billion yen ($1.06 billion), Rakuten said in a statement.

Additionally, Mizuho, Rakuten Card, and Rakuten formed a business alliance "to transform Japan's digital payment landscape," continuing its role in Rakuten's broader FinTech operations, Rakuten said.