Japanese Internet conglomerate Softbank Corp said yesterday it planned to drop the Vodafone brand in Japan after buying the British cellphone giant's struggling local operations.
"A new, easy-to-understand and familiar company name and brand will be announced when preparations are in place," Softbank and Vodafone KK said in their joint statement.
Vodafone, the world's biggest mobile phone company, last month agreed to sell its ailing Japanese unit to Softbank for ¥1.75 trillion (US$14.9 billion) in one of Japan's biggest-ever acquisitions.
Earlier in the day, Softbank chief executive officer and president Masayoshi Son told reporters that he planned to assume the same job at Vodafone KK, Vodafone Group Plc's Japanese unit, in a dual role.
Vodafone KK, the nation's third-largest mobile phone operator, has already accepted Softbank director Ken Miyauchi as executive vice president, while president William Morrow remains the head of the firm.
Softbank, which will complete the planned acquisition by April 24, is likely to announce a new line-up of management at a board meeting at the end of the month.
Through the deal, Son aims to catch up with bigger rivals NTT DoCoMo Inc and KDDI Corp by offering online auctions, stock trading and other services for mobile phone users through Softbank's partnership with Yahoo Japan Corp.
Softbank said it would continue Vodafone KK user discounts to help retain its 17 percent share of the nation's mobile phone market and gain access to Japan's ¥8.5 trillion cellphone market of 92 million subscribers
Softbank will keep Vodafone's "Love Flat-Rate," which lets subscribers have unlimited calls with one Vodafone user for a fixed fee, the companies said in the statement. Users will also be allowed to keep the same cell phone e-mail addresses.
Other discount services by Vodafone KK, such as lower prices for calls to family members, will continue to be provided, the companies said.
DoCoMo, the world's second-biggest wireless operator after Newbury-England based Vodafone, had 51 million subscribers as of end of March, according to the company. KDDI had 25.4 million, and Vodafone KK 15.2 million.
Vodafone said last month it expects to complete the sale of its Japan unit by May 1.
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