SoftBank Group to Sell $12.5 Billion of Wireless Unit Stock
- Some 257 million shares of SoftBank Corp. to be sold overseas
- Masayoshi Son is selling a third of his stake in the carrier
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Masayoshi Son’s SoftBank Group Corp. said it will sell about 1.33 trillion yen ($12.5 billion) of the stock it holds in its Japanese wireless operation, adding to massive asset sales that have helped his conglomerate get back on track after missteps with startup investments.
The Tokyo-based parent said it will sell 927 million shares in SoftBank Corp. through a global secondary offering, about a third of its stake. The carrier’s stock, which closed at 1,431.5 yen on Friday, will be sold at a discount of 3% to 5%. Separately, the wireless unit said it will buy back up to 1.68% of its shares for about 100 billion yen.