By Alex Ho
Investing.com - Japanese conglomerate Softbank Group Corp. (T:9984) is planning to sell about $14 billion in shares of Alibaba Group (NYSE:BABA), Bloomberg reported on Tuesday
Citing people with knowledge of the matter, Bloomberg said the deal is part of SoftBank’s effort to raise $41 billion to shore up its business battered by the pandemic.
The company might also sell a stake in its telecommunications arm, as well as its investment in Sprint, the source said.
The Alibaba stake sale could range from as little as US$12 billion to as much as US$15 billion, according to the article.
SoftBank’s shares jumped 18.7% to 3,779 yen by 11:55 PM ET (03:55 GMT). It was their biggest intraday gain since listing.