Japan-based online retail firm Rakuten has agreed to divest an 8.32% stake to postal and banking giant Japan Post.

The move is part of the company’s plan to raise $2.2bn through a stake sale to companies as it aims to expand logistics to compete with e-commerce giant Amazon.

With this acquisition, Japan Post has become the largest shareholder in the company outside the Mikitani family.

Rakuten shares jumped 20% following the announcement.

The company said: “With a solid foundation built on a nationwide chain of post offices and a shipping network that covers all of Japan, the Japan Post Group serves as an essential part of social infrastructure for daily life.

“At the same time, the Rakuten Group provides a portfolio of more than 70 services to more than 100 million members in Japan that together make up our ecosystem.”

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By GlobalData

The companies plan to maximise synergy by using their combined resources and expertise, and have also agreed to expand usage of Rakuten fulfilment centres and Japan Post’s Yu-Pack parcels.

As well as Japan Post, Chinese tech giant Tencent will acquire a 3.65% stake in the company through third-party allotment. US-based multinational retail corporation Walmart will also purchase a 0.9% stake.

Earlier this month, private equity firm KKR and Rakuten subsidiary Rakuten DX Solution completed the acquisition of Japanese supermarket chain Seiyu from Walmart.