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Wireless

SoftBank transfers Yahoo Japan stake to mobile unit, denies tax saving intentions

Tuesday 2 July 2019 | 08:57 CET | News
SoftBank Group has transferred its stake worth JPY 514 billion (approximately USD 4.7 billion) in Yahoo Japan to its mobile unit SoftBank Corp. The company claims the transaction is "not for tax saving purposes". However, the combined share issuance and share buyback deal resulted in less taxes than a simple sale would have incurred, Nikkei reports. Initially announced in May this year, the transaction shifts the majority ownership of Yahoo Japan from SoftBank Group to its mobile unit. SoftBank Corp. president Ken Miyauchi claims that, via this share deal, the company seeks to strengthen its

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Categories: Mobile & Wireless
Companies: Softbank / Yahoo Japan
Countries: Japan / World
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