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SoftBank Group To Sell $2.9 Bln Stake In Its Japanese Wireless Company

SoftBank Group Corp agreed to sell 240 million shares or 5% of its domestic telco SoftBank Corp. for about 310.2 billion yen or $2.88 billion, as part of a programme to raise 4.5 trillion yen or $41 billion through asset sales.

The company expects to use the proceeds from the sale to repurchase shares, reduce debt, and increase cash reserves.

The closing of the sale is scheduled for May 26, 2020. Upon closing of the sale, SoftBank Group Corp will hold 62.1% stake in SoftBank Corp, a separately listed Japanese wireless company.

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