SoftBank to Sell $14 Billion Stake in Telecom Unit
SoftBank to Sell $14 Billion Stake in Telecom Unit
Billionaire Masayoshi Son's SoftBank Group Corp. said it would sell a $14 billion chunk of its Japanese mobile unit, adding to a string of asset sales aimed at bolstering the company's debt-laden balance sheet.
The sale will lower its stake in the telecom unit, known as SoftBank Corp., to 40% from 62%, ending its position as majority shareholder. It will remain the largest shareholder of the company, which is one of Japan's biggest mobile-phone providers.
The size of the sale came as something of a surprise. While SoftBank had committed this March to selling assets and raising cash, it was already close to