Sega a Buyer

On Christmas Day while here in the US we were celebrating the holidays, in Japan, Ascii and Sega were forging a new partnership. Ascii announced last Thursday that they would allocate 5.5 million new shares of stock to CSK Corp., and 3.3 million to Sega Enterprises. Additionally, Isao Ohkawa, chairman of both CSK and Sega would be receiving one million new shares of stock in the company, while two senior Ascii officials would receiving 900,000 each. These new shares would be issued in mid-January.

The deal forms a new partnership between the two companies (CSK owns Sega). Ascii told Reuters that it hopes to use funds from the issue for the development of new business, software development, and redemption of convertible bonds. Ohkawa will also be taking on the role of special adviser to Ascii.

CSK said in a statement that the three companies will exchange advanced technologies to establish a solid foundation for CSK in multimedia.