SoftBank Surge 15%; Reportedly Close to Selling $14B in Alibaba By

© Reuters.

By Alex Ho – Japanese conglomerate Softbank Group Corp. (T:) is planning to sell about $14 billion in shares of Alibaba Group (NYSE:), Bloomberg reported on Tuesday

Citing people with knowledge of the matter, Bloomberg said the deal is part of SoftBank’s effort to raise $41 billion to shore up its business battered by the pandemic. 

The company might also sell a stake in its telecommunications arm, as well as its investment in Sprint, the source said. 

The Alibaba stake sale could range from as little as US$12 billion to as much as US$15 billion, according to the article. 

SoftBank’s shares jumped 18.7% to 3,779 yen by 11:55 PM ET (03:55 GMT). It was their biggest intraday gain since listing.



Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.