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SoftBank to buy $2 billion of Yahoo Japan shares held by Altaba

Reuters  |  TOKYO 

(Reuters) - Group Corp <9984.T> said on Tuesday that its unit Corp would buy 221 billion yen ($2 billion) worth of shares in <4689.T>, a 10.78 percent stake, held by U.S. investment firm Inc .

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.

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

($1 = 110.8600 yen)

(Reporting by Chris Gallagher; Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 10 2018. 05:18 IST