(Reuters) -Japanese telecoms giant Nippon Telegraph and Telephone Corp ( NPPXF ) plans to make a tender offer worth up to 3 trillion yen ($20.92 billion) to buy the remaining shares in NTT Data, the Nikkei newspaper reported.

NTT, the country's largest telco, owns 57.7% of NTT Data, which provides information technology services and had a market capitalisation of $29.5 billion at Wednesday's close.

Under the tender offer, which could be announced as soon as Thursday, NTT would buy out the remaining shares in NTT Data at a premium of 30% to 40%, Nikkei reported.

Management buyouts and corporate acquisitions in Japan have surged in recent years. The deal would mark the end of a prominent parent-child listing, a structure that remains common in Japan.

NTT, a former state monopoly which is still part-owned by the government, took mobile carrier NTT Docomo private in a 4 trillion-yen deal in 2020.

Last month, media reported that Toyota Motor's chairman, Akio Toyoda, has proposed acquiring supplier Toyota Industries in a deal that could be worth some 6 trillion yen.

($1 = 143.3800 yen)