Gamestamp has agreed to acquire $600 million of Yahoo Finance’s assets for $2 billion, the company announced on Thursday.
The deal will see the online retailer acquire Yahoo Finance, which had been owned by hedge fund Renaissance Technologies, as well as a stake in Yahoo Japan.
Gamestamp will also buy Yahoo Japan and Yahoo Asia Pacific, its online shopping and mobile commerce arm, for $500 million.
The acquisition of Yahoo Japan, which includes more than 300 million users, was first reported by Bloomberg on Thursday, with Yahoo Finance CEO Scott Thompson saying the move was a natural progression of the company’s business strategy.
Gamers can use Yahoo Japan to shop for movies and TV shows on mobile devices, access news and entertainment and browse the popular gaming services such as Clash of Clans.
Gamers also can sign up for an account and play games, which is a popular trend among gamers who use the platform to play online.
Gameweeks start in 2019Gamestop plans to open 50 stores and will open more than 40 of its stores in 2018, Thompson said in a statement.
The retailer plans to expand its e-commerce business and expand its online store to help its customers find products they can buy in-store at the retailer’s stores.
The company plans to increase its investment in its technology and infrastructure, and Thompson said it is planning to launch its first consumer-focused mobile device in 2019.
The sale of Yahoo finance and Yahoo Japan was expected as a result of the deal, but Thompson did not name the buyer or specify a specific transaction.
Gamessmamps new CEO Steve Wozniak also plans to move the company to focus on e-retail, the statement said.
Wozniack also said that the company is looking to expand in the mobile market and said the new focus will allow the company focus on its core business of helping consumers shop online.