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

Published 03/23/2020, 11:55 PM
Updated 03/23/2020, 11:56 PM
© Reuters.
9984
3.89%
BABA
-0.78%

By Alex Ho

 

Investing.com - Japanese conglomerate Softbank Group Corp. (T:9984) is planning to sell about $14 billion in shares of Alibaba Group (NYSE:BABA), 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 COVID-19 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.

 

 

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