SoftBank expects to post a gain of more than $34bn by turning over a chunk of its holdings in the Chinese ecommerce group Alibaba, marking a historic shift in the Japanese group’s relationship with its best known investment.
SoftBank had made a series of complex derivative deals that allowed it to raise cash while retaining the option to buy back the Alibaba shares later. But the company said on Wednesday that right will now be fully relinquished with many of the deals settled early with shares.
The move by SoftBank marks a definitive step back from the 22-year old bet on which Masayoshi Son built his name as one of the world’s greatest technology investors.
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