Softbank to Sell Most of Yahoo Stake

August 26, 2011 at 9:43 am PT

Softbank Corp. is selling the vast majority of its stake in Yahoo Inc.

Softbank, the Japanese Internet group, said Friday it will pocket a handsome profit by repaying a $1.135 billion loan it took out from Citibank in the U.S. with most of its 4 percent stake in Yahoo Inc., which is worth around $650 million at current market value.

After taking on mountains of debt to buy Vodafone Group PLC’s Japan operations in the mid-2000s, Softbank was able to transform itself from an internet provider to Japan’s third largest and fastest growing cellphone carrier.

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Tagged with: carrier, Citibank, debt, Japan, SoftBank, Yahoo

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