SoftBank plays its shell games with Yahoo Japan mak_robyn
Japanese telecommunications company SoftBank Corp on May 8 said it would spend 457 billion yen on new shares issued by Yahoo Japan Group, increasing its stake from 12 to 45 percent.
SoftBank Corp will buy 1.5 billion new shares at 302 yen each – equivalent to the closing price of Yahoo Japan shares on May 7. After the deal, SoftBank Corp will consolidate the internet company's financial results. The closer relationship will help drive growth at shared ventures such as QR code payment app PayPay, SoftBank Corp Chief Executive Ken Miyauchi said at a news conference.
At the same time, parent SoftBank Group will sell its entire 36 percent stake in Yahoo Japan, equivalent to roughly 1.8 billion shares, back to the company at 287 yen per share.
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