SoftBank to slash holding in wireless carrier to 40.4%; could raise $14 billion

TOKYO (Reuters) – SoftBank Group Corp (9984.T) said on Friday it planned to slash its exposure to wireless carrier SoftBank Corp (9434.T) to 40.4% from 62.1% now, in a sale worth 1.47 trillion yen ($13.8 billion) at Friday’s closing price.

The offer price for the 1.02 billion shares, including over-allotment, will be set between Sept. 14-16.

SoftBank Corp shares closed down 1.6% at 1,431 yen on Friday.

SoftBank CEO Masayoshi Son has been selling down the group’s core assets to stabilise its balance sheet amid the coronavirus pandemic.