SoftBank Group Corp. expects to book a gain of 200 billion yen ($1.9 billion) to 250 billion yen this fiscal year from selling part of its stake in Alibaba Group Holding Ltd.
The Japanese company has begun selling shares in China’s largest e-commerce company, SoftBank said in a statement Wednesday. The final amount will be determined by the carrying amount of Alibaba at the time of the sale, it said.
SoftBank has embarked on a series of asset sales to reduce its debt and gain flexibility for future investments. The Japanese telecommunications and investment company plans to raise $10 billion from selling its slice of Alibaba, whittling its stake down to roughly 28 percent from just more than 32 percent.
It’s getting another 73 billion yen from offloading shares in game developer GungHo Online Entertainment Inc. And it’s said to be in discussions to sell its majority stake in Supercell Oy in a deal that may value the Finnish games-maker at $9 billion.