SoftBank Corp to spend $4b to hike Yahoo Japan stake to 45%

SoftBank Corp to spend $4b to hike Yahoo Japan stake to 45%

Yahoo Japan Corp. employees speak to a customer in front of the company's logo at its headquarters in Tokyo, Japan, on Tuesday, June 18, 2013. Yahoo Japan, operator of the country's most-visited Web portal, targets at least 10 percent gain in revenue from advertisement this fiscal year on corporate demand, as the economy shows signs of improvement. Photographer: Akio Kon/Bloomberg

Japanese telco SoftBank Corp said on Wednesday it would spend $4 billion to up its stake in Yahoo Japan Corp and turn the internet company into a subsidiary, a move that would help boost its profit by 24 percent this year.

The telco said it would buy 456.5 billion yen ($4.2 billion) worth of new shares to be issued by Yahoo Japan, increasing SoftBankCorp’s stake to 45 percent from 12 percent.

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