It was previously reported that Nintendo was looking to buy back as many as 10 million of its own shares in a buyback deal, and today more details regarding that arrangement have been revealed.

Bloomberg is reporting that the heirs of Hiroshi Yamauchi — who passed away last year — are looking to sell the shares they inherited following his death. These represent around 10 percent of the total shares.

Nintendo has stated that it is prepared to purchase as many as 9.5 million shares — around 7.4 percent of the total outstanding stock — at 12,025 yen apiece in a deal worth 114.2 billion-yen ($1.1 billion). It is not currently known how many of the shares the Yamauchi family is prepared to part with.

Nintendo currently has around $8.6 billion in the bank and no debt to speak of. Nintendo's stock is low at present and therefore means it's the perfect time to pick it up on the cheap; since reaching its zenith of 72,100 yen in November 2007, Nintendo's share price has dropped 80 percent.