Strengthening Japan’s digital infrastructure through strategic financing

Macquarie Asset Management led a strategic sale‑and‑leaseback transaction to support Rakuten Mobile’s financial strength and Japan’s digital transformation

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Sector	Infrastructure
Sub-sector	Digital
Location	Japan

Opportunity

Rakuten Mobile, a leading mobile network operator in Japan¹, is leveraging advanced technology and innovation to redefine expectations in Japan’s mobile communications industry and support the country’s digital transformation.

Part of Rakuten Group, Inc., which was founded in Tokyo in 1997 as an online marketplace, Rakuten Mobile has grown to offer services across e‑commerce, fintech, digital content and communications, serving 2 billion customer worldwide.

To strengthen its financial foundations and help realise its ambition to become the top mobile carrier in Japan, Rakuten sought to secure long-term, large-scale funding from global infrastructure investors.

Approach

In 2024, Macquarie Asset Management (MAM) led a consortium of global infrastructure investors in investing in Rakuten Mobile through an strategic sale and leaseback arrangement against a portion of Rakuten Mobile’s network assets.

The transaction, which was executed via the Macquarie Asia-Pacific Infrastructure Fund 3 (MAIF3), drew on MAM’s expertise in digital infrastructure investing and the depth of the market knowledge and relationships of its local team.

MAM developed a structure tailored to the local telecommunications operating environment, aligning operational considerations of mobile networks in Japan with the needs of global infrastructure investors. By combining local insight with structuring expertise, MAM’s involvement was central to delivering a bespoke solution that raised funds for Rakuten Mobile while allowing it to continue managing and operating the mobile network assets.

Outcome

Rakuten Mobile raised over ¥170 billion² in funding, expanded its investor base and maintained operational control of critical digital infrastructure. Securing long-term, large-scale funding from leading global infrastructure investors enabled the company to meet its immediate financial needs and diversify its funding sources, strengthening liquidity and establishing a self-funding platform.

The transaction provided MAM’s clients with access to a large-scale digital infrastructure opportunity, while supporting the growth of mobile connectivity infrastructure and the growing digital ecosystem in Japan.