SoftBank Group Corp. said Friday it will sell a 5 percent stake in its wireless carrier unit for 310.2 billion yen ($2.87 billion) as part of its plan to secure 4.5 trillion yen in cash to buy back its own stocks and reduce debts.
The Japanese conglomerate announced Thursday it plans to sell 240 million shares of its subsidiary SoftBank Corp., one of the three major mobile phone service operators in Japan, in which it currently has a 67.1 percent stake.
The shares will be first sold to Goldman Sachs Group Inc., Credit Suisse Group AG and Mizuho Securities Co., which will hold voting rights of 2.5 percent, 2.0 percent and 0.5 percent, respectively.
They will then be resold through securities companies after the initial sale is completed by next Tuesday, according to SoftBank Group.
SoftBank Group said in March it will sell up to 4.5 trillion yen of assets in a bid to improve a balance sheet hit by failed investments including in U.S. workspace provider WeWork as well as by the global financial market turmoil over the coronavirus outbreak.
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