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SoftBank

SoftBank puts $41bn of assets up for sale as it tries to cut debt

Tech conglomerate mulls $17bn share buyback to strengthen balance sheet

SoftBank Group CEO Masayoshi Son attends a press conference in 2019.  The conglomerate plans to sell or cash in up to 4.5 trillion yen ($41 billion) in assets to buy back shares and reduce debt. (Photo by Ken Kobayashi)

TOKYO -- SoftBank Group plans to sell or cash in up to 4.5 trillion yen ($41 billion) in assets to buy back shares and reduce debt, in a sign that CEO Masayoshi Son is scaling back his aggressive investment strategy amid concerns over the group's financial health as the coronavirus crisis deepens.

"This program will be the largest share buyback and will result in the largest increase in cash balance in the history of SBG," Son said in a news release on Monday.

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