Softbank to set up venture with Vodafone

18 May 2006

Softbank Corp has agreed to set up a joint venture with Vodafone Group to develop and buy mobile handsets and content applications. Softbank, which has recently entered the Japanese mobile market through its JPY1.66 trillion (USD14.5 billion) acquisition of Vodafone’s local subsidiary, said the joint venture would be capitalised at a maximum of JPY11 billion, with each company taking a 50% stake. It added that Vodafone KK will be renamed Softbank Mobile Corp from 1 October.