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SoftBank Corp to buy $2 bn worth of shares held by US firm in Yahoo Japan

SoftBank will buy the shares via a tender offer at 360 yen per share, equivalent to Monday's close

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The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo. (Photo: Reuters)

Last Updated : Jul 10 2018 | 7:01 AM IST

SoftBank Group Corp said on Tuesday that its unit SoftBank Corp would buy 221 billion yen ($2 billion) worth of shares in Yahoo Japan Corp, a 10.78 per cent stake, held by US investment firm Altaba Inc.

SoftBank will buy the shares via a tender offer at 360 yen per share, equivalent to Monday's close. Altaba, SoftBank and Yahoo Japan agree to the deal, the companies said in separate statements.

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Yahoo Japan will then buy back 220 billion of stock from SoftBank. After the transactions, the stake held by SoftBank Group and its units will rise to 48.17 per cent from 42.95 per cent now, and Altaba will have about 27 per cent, they said.