Several major investors of’s Japanese owner, Recruit Holdings, have sold Y374 billion ($3.6 billion) worth of shares paving the way for foreign institutions to acquire stakes in the group.

Recruit Holdings said business partners, including Dentsu Group, Toppan Printing and Tokyo Broadcasting System Television, would sell 94.7 million Recruit’s shares — approximately 6% of the company’s outstanding shares.

Each share is priced at Y3,947, a 3% discount from Wednesday’s close of Y4,070, Recruit said. The settlement day is Friday (Dec. 4).

The biggest seller, Dentsu, is eyeing Y183 billion ($1.8 billion) in capital gains after it sells its 43.3 million shares. Recruit Holdings is listed on the Tokyo Stock Exchange.

The company has been reducing cross-shareholdings to expand into the international markets. The U.S.-based institutional investors will participate in the latest secondary offering through their managers.

Meanwhile, Recruit said it will repurchase 20 million shares worth estimated Y70 billion to enhance shareholder value. The shares repurchase program will start from Dec. 7, 2020 and continue up to Feb. 26, 2021.

Recruit saw quarterly revenues fall 6.2% year-on-year to Y569.1 billion in Q2.

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