Softbank makes USD385m Chinese web foray

30 Apr 2008

Japanese telecoms group Softbank Corp has revealed plans to acquire up to 40% of Oak Pacific Interactive (OPI), a major internet company based in mainland China, for JPY40 billion (USD385 million). Softbank purchased around 14% of OPI for JPY10 billion earlier this month and has the option to raise this further, a spokesman for the Japanese conglomerate said. From its headquarters in Beijing, OPI provides social networking services to students and is thought to have around 22 million members on its roll. Softbank Corp already owns around 30% of another Chinese firm, e-commerce venture Alibaba Group Holdings.

China, Japan, SoftBank Group Corp