SoftBank plans $41 billion of asset sales to expand buyback and cut debt

SoftBank plans $41 billion of asset sales to expand buyback and cut debt

Softbank is selling off $41 billion in assets this year to lower its debts, buyback shares and boost its cash reserves to restore investor confidence as a financial market rout pummels its shares and its portfolio companies. The move comes after the poor performance of its $100 billion Vision Fund. The bank’s shares jumped 19% for their biggest daily gain in nearly 12 years after the announcement.

Kathy
Kathy
Top in Business
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