World Economy

SoftBank to Sell Alibaba Stock

SoftBank to Sell Alibaba StockSoftBank to Sell Alibaba Stock

SoftBank Group Corp said it will sell at least $7.9 billion of shares in Alibaba Group Holding Ltd—a move that will cut the Japanese firm’s debt amid worries about losses at its US telecoms unit Sprint Corp, Reuters reported. The transaction marks the first sale of shares in the Chinese e-commerce giant by its largest shareholder since SoftBank began investing in the company in 2000, and will reduce its stake to around 28% from 32.2%. The two companies said they would maintain a strategic partnership.