Sale of the SoftBank Group of 5% stake in the telecommunications unit to raise US $ 2.9 billion

ARCHIVE PHOTO: A woman using a cell phone passes the SoftBank Corp logo in Tokyo, Japan, December 18, 2014. REUTERS / Toru Hanai / Stock photo

TOKYO (Reuters) – SoftBank Group announced on Friday that its planned sale of 5% in its domestic telecommunications company SoftBank Corp would take 310.2 billion yen ($ 2.9 billion) as part of a program to raise $ 41 billion from the sale of assets.

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The Japanese company announced the day before that it would sell 240 million shares in the subsidiary, leaving a 62.1% stake in Japan's third largest mobile operator.

SoftBank needs money for a record buyback, in order to support its share price, as its technology investments decline.

Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman

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