Change of Indirect Subsidiary along with the Purchase of
March 27, 2014
Shares of eAccess Ltd. by Yahoo Japan Corporation,
a Subsidiary of SoftBank Corp.
Yahoo Japan Corporation (“Yahoo Japan”), a subsidiary of SoftBank Corp. (the “Company”) announces today that its Board of Directors resolved to purchase the shares of eAccess Ltd. (“eAccess”) from the Company as attached (the “Transaction”). As a result of the Transaction, eAccess will become an indirect subsidiary of the Company.
eAccess is planning to merge with WILLCOM Inc. (“WILLCOM”), a subsidiary of the Company, effective as of June 1, 2014. Pursuant to certain conditions, such as the merger between eAccess and WILLCOM going ahead, Yahoo Japan will purchase all of the shares held by the Company in eAccess, which will be the surviving company after the merger.
1. Reason for the Transaction
The Transaction was proposed to the Company by Yahoo Japan based on the reasons described in 1) Reasons for Purchase of Shares as attached. The Company accepted this proposal as it believes the Transaction will benefit the future growth of both Yahoo Japan and eAccess, and also the SoftBank Group overall.
2. Impact on the Financial Results
The Company expects to record approximately JPY 55.7 billion in gain on sale of shares in an affiliate as special income on a stand-alone basis for the fiscal year ending March 31, 2015. The impact of the Transaction on the consolidated results for the fiscal year ending March 31, 2015 will be minor.
- *The Company's financial results on a stand-alone basis are prepared in accordance with Japanese GAAP.
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