logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon.com, Inc. can be held liable for damages caused by defective goods sold on its Marketplace including third parties, according to a ruling by a California appeals court. The California Fourth District Court of Appeals was pronouncing the ruling in a case where a defective replacement laptop battery caught fire and inflicted a woman with third-degree burns. Facebook has launched "Voting Information Center" on Facebook and Instagram platforms, with a view to boosting the number of Americans vote in the upcoming U.S. presidential election in November. The social media giant's latest initiative is expected to help 4 million voters register this year, and help them navigate a 'confusing election process'. Epic Games Inc., the developer of popular game Fortnite, has filed lawsuits against both Apple Inc. and Google after they removed the game from their app stores. The development reflects disputes related to app store fee the tech giants take from each purchase. Epic Games, which has been against the 30 percent revenue cut the two tech giants take from paid apps, added a direct payment option.
Follow RTT