Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Softbank to Spend as Much as 25 Billion Yen on Gungho Stake

Don't Miss Out —
Follow us on:

March 25 (Bloomberg) -- Softbank Corp., the Japanese wireless carrier run by billionaire Masayoshi Son, will spend as much as 25 billion yen ($264 million) to raise its stake in Gungho Online Entertainment Inc. to tap demand for mobile games.

The carrier will acquire as many as 73,400 Gungho shares for 340,276 yen each from Asian Groove Inc., the Tokyo-based company said in a statement today. Asian Groove is run by Taizo Son, the younger brother of the Softbank President.

Softbank, which agreed to buy a $20 billion stake in Sprint Nextel Corp. in October, is trying to add more content to speed up its growth. Shares of Gungho have surged fivefold this year on rising popularity of its “Puzzle & Dragons” game.

Softbank rose 3.2 percent to 3,880 yen in Tokyo trading. Gungho slumped 5.8 percent to 4.35 million yen.

Gungho will conduct a 10-for-1 share split in April and Softbank will acquire the Asian Groove stake after then, the wireless carrier said in a statement today.

To contact the reporter on this story: Naoko Fujimura in Tokyo at nfujimura@bloomberg.net

To contact the editor responsible for this story: Robert Fenner at rfenner@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.