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Business deals

SoftBank and Oyo in $100m plus deal for Japan apartment operator

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Oyo CEO Ritesh Agarwal speaks during SoftBank World 2019 on July 18 in Tokyo. (Photo by Shihoko Nakaoka)

TOKYO -- SoftBank Group and Indian hotel startup Oyo have jointly acquired an 80% stake in Japanese rental apartment operator MDI.

The acquisition cost over $100 million, according to a person familiar with the deal. Oyo confirmed the transaction but declined to comment on either the price or its stake in the joint venture set up to acquire MDI. SoftBank and MDI also declined to comment.

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