Recognition of Gain Relating to Loss of Control over Subsidiaries
SoftBank Group Corp. (“SBG”) announces that it recorded gain relating to loss of control over subsidiaries of ¥161,347 million in its consolidated financial statements for the three-month period ended June 30, 2018 as follows.
1. Outline of gain relating to loss of control over subsidiaries
As announced in “Establishment of Joint Venture for China Business at Subsidiary Arm” dated June 5, 2018, Arm Limited, a British subsidiary of SBG, sold 51% of its equity interest in its wholly owned Chinese subsidiary, Arm Technology (China) Co., Ltd. (“Arm China”), for $775 million to entities representing certain institutional investors and certain of Arm's ecosystem partners. As a result, Arm China is no longer considered as a subsidiary of the Company and has become an associate accounted for using the equity method. Accordingly, the Company recorded gain relating to loss of control over subsidiaries of ¥161,347 million.
2. Impact on SBG's financial results
For the impact of the aforementioned gain relating to loss of control over subsidiaries on SBG's financial statements, please refer to SBG's Consolidated Financial Report for the three-month period ended June 30, 2018 (IFRS) published today on August 6, 2018.
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