SoftBank plans to raise up to $ 2.9 billion this month by selling a 5 percent stake in its Japanese wireless operations. The proceeds are intended to boost the balance of the Japanese telecom and investment giant. Founder Masayoshi Son has previously indicated that he wants to sell a total of $ 42 billion in assets to help fund share repurchases and pay off debt.
SoftBank is not going well lately. Earlier this month, the group recorded a record year-on-year loss. SoftBank has major interests in office rental company WeWork, which also offers workspaces in Europe, and taxi app Uber. But the value of those companies has shrunk considerably since the moment of entry. Recently, several companies in which SoftBank has invested have also been hit hard by the corona crisis.
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