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Eurocastle share repurchase reduces SoftBank's stake in doValue

Eurocastle Investment Ltd. carried out a share repurchase of 34.6 million shares in exchange for 15.04 million of Italy-based financial service company doValue SpA shares and €109.2 million.

The buyback has resulted in SoftBank Group Corp.'s stake in doValue, parts of which it held through Eurocastle, to drop to 26.878% from 43.85%.

The repurchase has also resulted in EJF Capital LLC picking up a 9.426% stake in the loan management company.

Eurocastle sold a 6% stake in doValue in August 2019 after EJF complained that the fund traded at a discount to its net asset value, Reuters reported.