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SoftBank unveils $12bn sale of mobile unit stake

Asset unloading exceeds $41bn target as group braces for long-term virus impact

SoftBank's latest bid to shore up its financial strength could trim its stake in its core mobile unit to 40.4%.   © Reuters

TOKYO -- SoftBank Group on Friday said it will sell a significant portion of its stake in its Japanese telecommunications unit SoftBank Corp. to domestic and international investors to build up its cash reserves amid the uncertainty caused by the coronavirus outbreak.

SoftBank Group Japan, a wholly owned SoftBank subsidiary, will offer 927 million shares in the mobile unit through brokerage firms. The price of the shares will be determined in September. Their value, based on SoftBank Corp.'s closing price on Friday, reached 1.32 trillion yen ($12.4 billion).

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