Completed acquisition of Cable and Wireless IDCFeb. 17, 2005
SOFTBANK CORP. (the “Company”) announced today that it has acquired 12,086,632,927 shares in common stock outstanding (99.99%) of Cable and Wireless IDC (Head office: Minato-ku, Tokyo; President and CEO: Philip Green, “C&W IDC”) and completed its acquisition on February 17, 2005.
Acquisition of shares in C&W IDC makes it a specified subsidiary of the Company with immediate effect and from March 31, 2005, the date of deemed acquisition, a consolidated subsidiary.
(1) Transaction summary
|Acquisition method||Acquisition of 12,086,632,927 C&W IDC
shares in common stock outstanding (99.99%)*1
|Acquisition price||approximately 12.3bn yen|
- *1January 2005, C&W IDC issued CBs with subscription warrants to Sable. Sable used all loans to C&W IDC (approximately 48.3bn yen) as payment for the CBs. Subsequently Sable converted the CBs into common stock of C&W IDC. The Company acquired all 12,085,932,888 shares in common stock outstanding owned by Sable and all 700,039 shares owned by Aspac.
(2) Operating performance of C&W IDC (FY ended March 2004)
|Operating income||(7.1bn yen)|
|Ordinary profit||(7.6bn yen)|
|Net profit||(6.6bn yen)|
- *2Sable used loans to C&W IDC for payment of CBs with subscription warrants and subsequently converted the CBs to common stock. Capital and capital reserves increased by approximately 24.1bn yen, respectively, upon completion of acquisition.
(3) New company name and appointment of directors
C&W IDC is renamed to JAPAN TELECOM IDC INC. upon completion of acquisition and Kazuhiko Kasai is appointed President of the new company.
The new company is named JAPAN TELECOM IDC INC. to highlight the importance of synergies between JAPAN TELECOM CO., LTD.which has a large and reliable communication infrastructure and corporate customer service base in Japan, and C&W IDC which is a pioneer in global communications established very soon after deregulation of international communications for expansion of the comprehensive telecommunications business of the SOFTBANK group.
|1. New company name (Business name)||Japan Telecom IDC Inc.|
|2. Company name changed on||February 17, 2005|
|3. Head Office||Minato-ku, Daiba 2-3-1, Trade Pia Odaiba, Tokyo|
|4. Appointment of the Board (Directors) (as of February 17)||
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