SoftBank sets price in telco stake sale worth $11.7 billion

TOKYO (Reuters) – SoftBank Group Corp said on Monday it set the offering price for the sale of shares in wireless carrier SoftBank Corp at 1,204.50 yen per share, giving the sale a value of 1.24 trillion yen ($11.7 billion) including over-allotment.

SoftBank Group said late last month it would slash its stake in Japan’s third-biggest wireless carrier to 40%, part of a wave of asset sales by the group as it builds up cash.

Seperately on Monday the group announced the sale of chip designer Arm to Nvidia Corp in a deal that will raise up to $40 billion.

(Reporting by Sam Nussey; editing by Jason Neely and Louise Heavens)