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Altaba to raise US$4.34B by selling Yahoo Japan stake


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Altaba to raise US$4.34B by selling Yahoo Japan stake

Altaba Inc. is looking to sell its entire 23.9% stake in Yahoo Japan Corp. and raise US$4.34 billion in the process, Bloomberg News reported Sept. 10.

The investment company will reportedly offer shares of Yahoo Japan at ¥354 each and increase the deal size to incorporate its entire 1.36 billion shares.

Altaba initially planned to offload around 750 million shares to raise US$2.5 billion, as per deal terms cited in the report.

JPMorgan Chase & Co. and Goldman Sachs Group Inc. are arranging the offering.

Altaba is the second-largest shareholder of Yahoo Japan after SoftBank Group Corp.

SoftBank increased its stake in Yahoo Japan in July, after agreeing to acquire about ¥220.99 billion of shares in the latter from Altaba.

Altaba was established after Yahoo! Inc. officially changed its name on June 16, 2017.

As of Sept. 10, US$1 was equivalent to ¥111.14.