(Bloomberg) -- A unit of Japanese technology group NTT Data Group Corp. is buying a majority stake in Malaysian payments firm GHL Systems Bhd.

NTT Data Japan Corp. has agreed to buy 58.73% of GHL Systems from some existing shareholders for 724.1 million ringgit ($154.2 million), or 1.08 ringgit a share in cash, according to a statement from GHL Systems on Monday. Following the agreement, NTT Data Japan will need to make a mandatory takeover offer to acquire all of the remaining GHL Systems shares.

Shares of GHL Systems, a payments services provider in Southeast Asia, have climbed 45% this year, valuing the firm at about $245 million.

NTT Data Group, based in Tokyo and part of the telecommunications conglomerate NTT Group, offers information technology services including consulting, network development and software. Its shares have risen 21% this year, giving the company a market value of about $21.6 billion.

Japanese companies have been eyeing assets in Southeast Asia as they seek to expand and tap into the region’s growth potential. Last month, Mitsui & Co. and Rohto Pharmaceutical Co. agreed to buy Eu Yan Sang International Ltd., in a deal valuing the traditional Chinese medicine company at S$800 million ($594 million).

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