SoftBank plans to sell at least $7.9bn worth of its stake in Chinese ecommerce group Alibaba to raise cash and pay down debt, in the first offloading of Masayoshi Son’s most successful investment.
The Japanese telecoms and internet group, founded by Mr Son, is expected to remain the largest shareholder in Alibaba even as the sale reduces its stake to about 28 per cent, from 32.2 per cent as of the end of March.
The sale of Alibaba shares is SoftBank’s first since Mr Son made a $20m bet in the Chinese startup founded by Jack Ma in 2000. That stake is now worth $65bn following Alibaba’s record initial public offering in the US in 2014.
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