Japan's Softbank to spend $4B to hike stake in Yahoo Japan | Inquirer Technology

Japan’s Softbank to spend $4B to hike stake in Yahoo Japan

/ 06:58 PM May 08, 2019

Japanese telecoms company Softbank Corp. says it will spend 456.5 billion yen ($4 billion) to increase its stake in Yahoo Japan to nearly 45%.

The company forecast Wednesday that with the additional stake in Yahoo, its revenue will rise to 4.8 trillion yen ($43.6 billion) in this fiscal year.

Softbank, the Japanese mobile subsidiary of Softbank Group Corp., listed its shares in December in Japan’s largest-ever initial public offering, at more than 2 trillion yen ($18 billion).

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It how holds a 12% stake in Yahoo Japan, which will become a subsidiary of Softbank Corp. with the acquisition of a 36% stake in the internet company held by its parent.

Softbank Corp. says it expects a 480 billion yen ($4.4 billion) net profit in the current fiscal year. /ee

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TOPICS: investment, Softbank
TAGS: investment, Softbank

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