ITOCHU Corporation (Headquarters: Minato-ku, Tokyo; President & COO: Keita Ishii; hereinafter "ITOCHU") announced today that, through its subsidiary ITOCHU International Inc. (Headquarters: New York, U.S.A.; CEO: Naohiko Yoshikawa), it has agreed to acquire 79.5% of the shares of We Sell Cellular LLC (Headquarters: New York, U.S.A.; CEO: Nikhil Raman; hereinafter "WSC"), a company that sells used mobile devices such as smartphones in the United States.

The global used mobile device market is approximately JPY 10 trillion with around 200 million units traded annually*¹, of which the North American market is estimated to account for approximately 25%*², making it the largest in the world. The percentage of the population using used devices compared to new devices is also higher in North America than in Japan, and the market is expected to continue to grow at an average annual growth rate (CAGR) of over 11%.*²

Founded in the U.S. in 2003, WSC sells used mobile devices to small and medium-sized retailers and wholesalers. The company holds a certain share of not only the North American market but also the rapidly growing Central and South American markets, and it has a strong presence within the industry, even in the highly competitive North American market.

ITOCHU established Belong Inc. in 2019 and has been expanding its used mobile device distribution business. Going forward, ITOCHU positions the expansion of its global share as a key strategy, with North America, the largest market, being designated as the most important market. Through this acquisition, ITOCHU will dispatch management personnel and share the foundations of both businesses and their quality control expertise to further accelerate the strengthening of its global competitiveness and achieve higher profitability.

ITOCHU positions Strengthening Contributions to and Initiatives for the SDGs as one of its basic policies in The Brand-new Deal. Through the acquisition of WSC, ITOCHU will build a global network for the utilization of used mobile devices and contribute to the development of a sustainable society.