Japan's Nomura to enter forestry asset management with stake purchase
FILE PHOTO: A logo of Nomura Holdings, Japan's largest investment bank and brokerage, is pictured in Tokyo, April 22, 2008. REUTERS/Yuriko Nakao (JAPAN)
TOKYO : Nomura Holdings Inc said on Friday it would foray into the forestry asset management business through a partial acquisition of Sydney-based New Forests Pty Ltd — one of the top players in the industry.
The move by Japan's biggest brokerage and investment bank is part of its ambition to expand real asset businesses, and eye revenue less vulnerable to market swings.
Nomura will buy 41 per cent of New Forests, while Japanese trading firm Mitsui & Co will increase its stake from the current 23 per cent to 49 per cent, in a deal to be completed by the end of this year. The deal value is not disclosed.
With A$7.8 billion ($5.48 billion) in assets under management, New Forests invests in forestry plantations and landscapes through its funds and supplies certified plantation forest products across Asia.
($1 = 1.4245 Australian dollars)
