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SoftBank to net ¥1.2 trillion profit from Alibaba stake sale

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SoftBank to net ¥1.2 trillion profit from Alibaba stake sale

SoftBank Group Corp. expects to record approximately ¥1.2 trillion in pretax profit from the completion of the sale of some of its shares in Alibaba Group Holding Ltd.

The transaction involved selling 73 million American depositary shares under a variable prepaid forward contract. The deal, unveiled in 2016, leaves SoftBank and its subsidiaries with a 26% stake in Alibaba.

The Japanese conglomerate said it would book the profit in the three-month period ending June 30.

The Alibaba stake sale, along with the sale of other assets, made it possible for SoftBank to acquire British semiconductor company ARM Holdings PLC for about US$31 billion in 2016 and helped in the creation of the US$100 billion SoftBank Vision Fund LP, according to Bloomberg News.

As of June 4, US$1 was equivalent to ¥108.35.