Trader Sumitomo to acquire IT service firm SCSK

Sumitomo President Shingo Ueno says the evolution of generative artificial intelligence is transforming business operations across various fields. Trading house Sumitomo has announced its plan to make Tokyo-based major information technology service provider SCSK a wholly owned subsidiary through a takeover bid valued at some ¥882 billion ($5.77 billion). Sumitomo already holds a 50.6% equity stake in SCSK. The purchase price is set at ¥5,700 per share, according to the announcement on Wednesday, about 30% higher than SCSK's closing price of ¥4,334 on the same day. By fully acquiring SCSK, Sumitomo aims to improve management efficiency and strengthen its artificial intelligence business.