July 9, 2018 / 11:44 PM / 8 days ago

SoftBank to buy $2 bln of Yahoo Japan shares held by Altaba

TOKYO, July 10 (Reuters) - SoftBank Group Corp said on Tuesday that its unit SoftBank Corp would buy 221 billion yen ($2 billion) worth of shares in Yahoo Japan Corp, a 10.78 percent stake, held by U.S. investment firm Altaba Inc .

SoftBank will buy the shares via a tender offer at 360 yen per share, equivalent to Monday’s close. Altaba, SoftBank and Yahoo Japan agree to the deal, the companies said in separate statements.

Yahoo Japan will then buy back 220 billion of stock from SoftBank. After the transactions, the stake held by SoftBank Group and its units will rise to 48.17 percent from 42.95 percent now, and Altaba will have about 27 percent, they said. ($1 = 110.8600 yen) (Reporting by Chris Gallagher; Editing by Stephen Coates)

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