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SoftBank to sell 5% stake in Japanese mobile arm

Tech conglomerate continues sale of blue-chip assets

SoftBank says it will sell a stake in its Japanese mobiile unit as part of a bigger asset sales plan. (Photo by Wataru Ito)

TOKYO -- SoftBank Group on Thursday said it will sell a 5% stake in SoftBank Corp., its Japanese mobile unit, through securities companies as part of a $41 billion asset sale program.

The official price tag will be announced after a sale and purchase agreement has been signed, SoftBank said in a news release. The deal is valued at around 330 billion yen ($3 billion) based on SoftBank Corp.'s closing share price of 1,375 yen on Thursday. The transaction is scheduled to close on May 26.

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