Nikesh Arora to buy SoftBank shares worth over $480 mn

Making a "personal bet", SoftBank's President Nikesh Arora will buy shares worth over USD 480 million in the Japanese telecom giant.
Arora, who is also the company's COO, would acquire the shares in his personal capacity over a period of six months.
In a statement today, SoftBank Group Corp (SBG) said Arora is purchasing about shares worth 60 billion Japanese yen (over USD 480 million). This translates to more than Rs 3,150 crore at current exchange rate.
The company's board members are fully supportive of his decision and the purchase would be done as a programme trade over the next six months, SBG said.

"My past year with the SoftBank Group has been very rewarding. As a measure of my commitment, I have decided to take a personal bet on the SoftBank Group and ensure an alignment of vision, with our founder and Chairman & CEO Masayoshi Son," Arora said.
"This is a large transaction for me, and involves taking an enormous risk in my life once again. However, I am extremely confident about the future of the SoftBank Group and the long-term objectives that we have set out. I intend to work closely with Son to make the vision a reality," he added.

Expressing his delight over the decision, Son said Arora has decided to double down the partnership with him.

"As I have said, his vision and mine are aligned and we plan to work together for many years to make the SoftBank Group a sustainable success for decades to come," Son noted.
SBG is a leading telecom and internet company in Japan.
"I expect him to succeed me at the appropriate time. The last year of working together could not have gone better and it has surpassed every expectation that I had. Nikesh (Arora) is a great business leader, a wonderful complement to me, and he's a good person at heart," Son said.