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By
Reuters
Published
Jun 1, 2016
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Softbank to sell $7.9 billion of Alibaba shares

By
Reuters
Published
Jun 1, 2016

Softbank Group Corp said it will sell at least $7.9 billion (£5.4 billion) of shares in Chinese ecommerce giant Alibaba Group Holding Ltd as it looks to raise capital.


Softbank to sell $7.9 billion of Alibaba shares


Shares of Alibaba were down more than 2 percent in extended trading on Tuesday after Softbank announced its plan to sell the shares for the first time since investing in the company in 2000.

Softbank will hold about 28 percent of Alibaba after the sale, the company said on Tuesday.

As of March 31, Softbank held a 32.2 percent stake in Alibaba.

Softbank said it will form a trust that will offer $5 billion in securities that can be exchanged into Alibaba shares in three years.

Alibaba will buy $2 billion of its shares from Softbank, and intends to fund the deal with cash on hand, Alibaba said. The company's partnership will buy another $400 million of shares.

Softbank Chairman and Chief Executive Masayoshi Son will remain a director at Alibaba, while Alibaba Executive Chairman Jack Ma will remain on the board of Softbank.

In connection with the transaction, Softbank also entered into a lockup agreement with Alibaba under which it will not transfer any Alibaba shares held by the company for six months.

It was not immediately clear if the sale has any impact on Yahoo Inc's stake in Alibaba.

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