SOFTBANK announces sale of its holding in E*TRADE Group, Inc.Jul. 26, 2002
SOFTBANK announces that its 100%-owned subsidiary, SOFTBANK America Inc. (Headquarter: Delaware, U.S.A.; Representative: Masayoshi Son; “SBA”) sold a part of its holdings in E*TRADE Group, Inc. (“E*TRADE”) in a block trade and E*TRADE agreed to buy back SBA’s remaining stake in E*TRADE.
SBA will sell, pursuant to the above-mentioned sale, 15,401,688 shares of E*TRADE, all of its holdings in E*TRADE, for an aggregate purchase price of approximately US$55,000,000 (translated amount in yen: approximately 6.4 billion yen; exchange rate: $1=116.5 yen). Loss on sale of such shares is expected to be approximately US$62,000,000 (translated amount in yen: approximately 7.2 billion yen; exchange rate: $1=116.5 yen).
Proceeds from the above-mentioned sale will be allocated for the broadband business, which SOFTBANK as a group is developing vigorously, and other businesses.
Though SBA will not have an interest in E*TRADE after the sale, the SOFTBANK group, through its 44.5%-owned subsidiary, E*TRADE Japan K.K. (Headquarter: Minato-ku, Tokyo; Representative: Taro Izuchi; Nasdaq Japan 8627), continuously holds 3,380,879 shares (0.9%) of E*TRADE.
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