The "Amazon" of Japan, Rakuten, Selling $2.2 Billion in New Stock

Japanese e-commerce giant Rakuten (OTC: RKUNY) is selling $2.2 billion-worth of new stock to aid it in its fight against Amazon (NASDAQ: AMZN). Rakuten announced it was selling shares primarily to postal and logistics company Japan Post, as well as Chinese technologist-turned-investor Tencent Holdings (OTC: TCEHY) and Walmart (NYSE: WMT). In addition to taking about an 8.3% stake in Rakuten via the new share issuance, Japan Post is partnering with Rakuten on things like new logistics centers, delivery and pick-up systems, and digital payments.

Like Amazon, Rakuten was founded during the late 1990s when the internet began to be commercialized. For many years, it held the top spot in Japan as the largest online retailer and has since expanded overseas. The company reports having over 1.4 billion members worldwide. 

Image source: Getty Images.

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Source Fool.com