SOFTBANK announces a partial sale of its holding in Yahoo! Inc.Aug. 30, 2002
SOFTBANK CORP. announces that its wholly owned subsidiary, SOFTBANK America Inc. (Headquarter: Delaware, U.S.A., Representative: Masayoshi Son, hereinafter called “SBA”) sold a part of its holding in Yahoo! Inc. (hereinafter called “Yahoo” pursuant to Yahoo’s request to buy back its own shares.
SBA sold 11,074,197 shares of Yahoo, for an aggregate price of approximately US$100 million (translated amount in yen: approximately 11.8 billion yen; exchange rate: $1=118 yen). Gain on sale of such shares is expected to be approximately 5.8 billion yen. SBA’s stake in Yahoo is expected to decrease from approximately 9% to approximately 7% after the transaction.
Proceeds from the above-mentioned sale will be allocated for reduction of interest-bearing debt in order to further strengthen the financial position and for the broadband business, which SOFTBANK as a group is developing vigorously, and other businesses.
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