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Softbank plans $18bn share sale of its mobile business | Softbank plans $18bn share sale of its mobile business |
(about 4 hours later) | |
Japanese giant Softbank is planning to list its mobile phone business in Tokyo and overseas, according to the Nikkei newspaper. | Japanese giant Softbank is planning to list its mobile phone business in Tokyo and overseas, according to the Nikkei newspaper. |
The listing on the Tokyo Stock Exchange and possibly in London aims to raise 2 trillion yen ($18bn; £13.1bn). | The listing on the Tokyo Stock Exchange and possibly in London aims to raise 2 trillion yen ($18bn; £13.1bn). |
Softbank confirmed in a statement that the share sale is an option but no decision has yet been made. | Softbank confirmed in a statement that the share sale is an option but no decision has yet been made. |
If it goes ahead, the stock market listing would be one of Japan's biggest initial public offerings. | If it goes ahead, the stock market listing would be one of Japan's biggest initial public offerings. |
The Softbank Group reportedly intends sell about 30% of the outstanding shares in its subsidiary to investors, while keeping a stake of around 70%. | The Softbank Group reportedly intends sell about 30% of the outstanding shares in its subsidiary to investors, while keeping a stake of around 70%. |
The firm is considering raising funds from overseas investors, possibly via a stock market listing in London. | |
"We are always studying various capital strategy options", the statement said. | "We are always studying various capital strategy options", the statement said. |
"The listing of Softbank Corp. shares is one such option, but no decision has been made to officially proceed with this course". | |
According to the Nikkei, the share sale could rival that of Nippon Telegraph and Telephone in 1987. | According to the Nikkei, the share sale could rival that of Nippon Telegraph and Telephone in 1987. |
Investing in growth | |
Softbank would use the proceeds to invest in growth, such as buying into foreign information-technology companies, the Nikkei said. | |
The Japanese telecommunications giant is one of the world's biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son. | The Japanese telecommunications giant is one of the world's biggest technology companies and is run by its founder, Japanese entrepreneur Masayoshi Son. |
Softbank has made a series of high-profile tech investments and shown an appetite for investments in ride-sharing, backing China's Didi Chuxing and Southeast Asian taxi-hailing app Grab, among other companies. | |
The firm is also set to take a large stake in Uber, expanding its holdings in transportation companies around the world. | |
It previously acquired Vodafone's Japanese operations and the US telecoms company Sprint. | |
In 2016, Softbank bought UK technology firm ARM Holdings for £24bn ($32bn). |