Nippon Telegraph and Telephone Corp. (NTT) has secured enough bids to acquire NTT Data Group Corp. in a deal valued at ¥2.37 trillion (US$16.3 billion).

The settlement process is scheduled to begin on June 26, according to a company statement.

NTT currently owns about 58% of NTT Data and has offered ¥4,000 (US$25.3) per share for the remaining shares. This acquisition is part of NTT’s strategy to privatize NTT Data, one of the largest data center operators in the world.