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