SoftBank has agreed to sell its near 50 per cent stake in Wag back to the dog walking company, ending a disappointing investment for the Japanese group’s $97bn Vision Fund.
Wag told employees it was “amicably parting ways” with SoftBank and that the investor would no longer hold a seat on the board. It also said it would be cutting jobs in order to “align our organisation with the needs of our business”.
SoftBank will lose money on the sale, which is set to close this month, a person familiar with the deal said. The Japanese group agreed to invest $300m in January last year, valuing Wag at $650m.
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