Softbank buys Vodafone KK stake

25 Apr 2006

Japanese internet communications conglomerate Softbank Corp yesterday completed the acquisition of a 97.64% stake in the local unit of UK-based mobile giant Vodafone Group for JPY1.66 trillion (USD14.5 billion) through a tender offer ended Monday. The new parent plans to launch new mobile services at Vodafone KK within the next six months using content provided by its Yahoo Japan Internet search engine.

Softbank announced last month that it was buying Vodafone’s Japanese business, giving it a presence in the country’s USD78 billion mobile market. It started the tender offer for Vodafone KK through a subsidiary on 4 April, setting an acquisition price at JPY313,456 a share and now plans to buy the remaining shares to wholly own the third largest cellco in Japan after NTT DoCoMo and KDDI Corp.

Japan, SoftBank Corp, SoftBank Group Corp