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Companies

SoftBank to log $11bn profit after sale of Alibaba shares

Conglomerate will remain largest investor in Chinese group with 26% stake

SoftBank began investing in Alibaba in 2000 and previously held a 29% stake in the Chinese e-commerce giant.   © Reuters

TOKYO -- SoftBank Group announced on Tuesday that it expects to book a pretax profit of about 1.2 trillion yen ($11 billion) after completing the sale of some of its shares in China's Alibaba Group Holding.

The transaction was originally announced in 2016 after concerns arose over the group's $32-billion takeover of British chip designer Arm Holdings, as well as its 2013 acquisition of a majority stake in U.S. wireless carrier Sprint.

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