SoftBank to book $34 bln gain from Alibaba shares
SoftBank Group Corp (9984.T) on Wednesday said it will book an estimated gain of 4.6 trillion yen ($34.08 billion) on settling prepaid forward contracts using shares in Alibaba Group Holding (9988.HK), reducing its stake to 14.6% from 23.7%.
The estimate includes gains from the revaluation of shares in the Chinese e-commerce giant and derivative gains, SoftBank said in a filing.
The transaction “will be able to eliminate concerns about future cash outflows, and furthermore, reduce costs associated with these prepaid forward contracts,” SoftBank said.
