KDDI to buy stake in convenience store chain Lawson for phone payment tie-up: Nikkei

[TOKYO] Japanese telecom company KDDI Corp will pay more than 12 billion yen (S$150 million) for about a 2 per cent stake in convenience store chain Lawson as the pair tie up in smartphone payment services, the Nikkei Shimbun reported.

The tie-up will include Lawson's parent company, Mitsubishi Corp, the newspaper said on Monday.

KDDI's president will hold a joint news conference with the presidents of Lawson and Mitsubishi Corp's consumer products group at 4.30pm in Tokyo, the telecom company said in an email. 

REUTERS