SOFTBANK announces the agreement for sale of shares held in Yahoo! Europe and Korea
SOFTBANK CORP. (“the Company”) today announced that the four of the Company, SB Holdings (Europe) Ltd. (Head office: London, United Kingdom; Representative: Ronald Fisher; “SBHE”), SOFTBANK Korea Co., Ltd. (Head office: Seoul, Republic of Korea; Representative: Gyu Hak Moon; “SBK”), and Yahoo Japan Corporation (Head office: Minato-ku, Tokyo; Representative: Masahiro Inoue; “Yahoo! Japan”) have reached an agreement with Yahoo! Inc. (Head office: California, USA; Representative: Terry Semel, “Yahoo!”) that the companies sell all of their respective stakes of Yahoo! group in Europe and Korea, to Yahoo!.
1. Outline of sale
Object
1)All stakes(30%) of SBHE held in the following Yahoo! group companies
- Yahoo! UK Limited
- Yahoo! France SAS
- Yahoo! Deutschland GmbH
2) All stakes(33%) of the Company, SBK, and Yahoo! Japan held in the following Yahoo! group company
- Yahoo! Korea Corporation
Purchaser
Yahoo!
Sale price
500 million US dollars for 1) and 2) (Approximately 59.0 billion yen, converted at 118.16 yen to a dollar; same in below)
Terms and condition of each sale shall not to be disclosed under the agreements.
2. Background
The Company and Yahoo! have accumulated the continuous growth in their internet business, mainly portal sites, in each operating countries and have retained a strategic partnership for long periods in various business fields such as Yahoo! Japan. This transaction seeks to make each of business corporations wholly-owned by Yahoo!, which aims to enforce its international business growth. The Company have lead to this sale transaction after a discussion with the related parties, including Yahoo!.
The transaction has shown the high-efficiency of the Company’s investment activities. The Company, continuing to realize its return of investment activities done both direct and indirect, drive its broadband business even forward.
3. Impact on consolidated financial results
The Company estimates the above-mentioned sale of stakes will contribute approximately 53,3 billion yen to consolidated net income in the 3rd quarter for the fiscal year ending March 31, 2006.
4. Summary of Yahoo! group companies
1)Yahoo! UK Limited
| Field of Business | Internet service |
|---|---|
| Date of incorporation | October 1995 |
| Location of Head office | London, United Kingdom |
2)Yahoo! France SAS
| Field of Business | Internet service |
|---|---|
| Date of incorporation | November 1996 |
| Location of Head office | Paris, France |
3)Yahoo! Deutschland GmbH
| Field of Business | Internet service |
|---|---|
| Date of incorporation | October 1996 |
| Location of Head office | Munich, Germany |
4)Yahoo! Korea Corporation
| Field of Business | Internet service |
|---|---|
| Date of incorporation | June 1997 |
| Location of Head office | Seoul, Republic of Korea |
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