Softbank plans £35bn emergency asset sale to cut debt amid coronavirus rout March 23, 2020 Softbank is launching an emergency ¥4.5 trillion (£35bn) asset sale to buy back shares and reduce debt in a bid to restore investor confidence as the global stock market rout pummels its shares and portfolio companies. The measures come as the Japanese investment giant and its $100bn Vision Fund, which has recorded two consecutive quarterly [...]
Softbank set to invest $100m in AI startup Behavox February 19, 2020 Softbank is reportedly close to investing $100m (£77m) in a startup which uses artificial intelligence (AI) to help financial firms monitor employees’ behaviour. Softbank’s second Vision Fund is on the verge of signing the deal with Behavox, Sky News reported, which could be finalised as soon as next week. Behavox, which was founded in the [...]
Softbank profit plunges 99 per cent on heavy Vision Fund losses February 12, 2020 Softbank’s quarterly profit has been almost entirely wiped out after heavy losses from its Vision Fund hit the technology investor for the second consecutive quarter. The Japanese conglomerate’s operating profit from October to December plummeted 99 per cent to just ¥2.59bn (£18.2m) after its Vision Fund and a related vehicle recorded a $2bn loss. Softbank [...]
US executive to leave Softbank’s $100bn Vision Fund February 5, 2020 A top US executive is leaving Softbank’s $100bn Vision Fund after expressing concerns about “issues” at the Japanese investment giant, which has been hit by a series of setbacks over the past few months. Michael Ronen, a former banker at Goldman Sachs who joined Softbank in 2017, told the Financial Times he was leaving and [...]
Softbank-backed Oneconnect slashes IPO and lowers valuation December 12, 2019 Chinese fintech Oneconnect has slashed its target valuation and downsized its planned initial public offering (IPO) in the US, in yet another blow for Softbank. The fintech, which is a subsidiary of Chinese insurance giant Ping An, downsized its planned stock market debut in New York by 28 per cent. Read more: Another dog for Softbank [...]
Another dog for Softbank as it sells Wag stake back to company December 10, 2019 Japanese investment giant Softbank has been left with its tail between its legs after selling its stake in Wag back to the dog-walking startup, capping off a disappointing year for its $97bn Vision Fund. Softbank has agreed to sell its almost 50 per cent stake in the company and will no longer have representation on [...]
Softbank taps Goldman for Wework debt financing plan December 9, 2019 Wework saviour Softbank has approached Goldman Sachs for financing as it attempts to reinvigorate the flexible working space provider. The banking giant is securing a $1.8bn (£1.4bn) line of credit, the first stage in Softbank’s $5bn debt financing package for Wework. Read more: Wework names four new executives and outlines six point plan for profitability [...]
Wework names four new executives and outlines six-point plan for profitability by 2023 November 23, 2019 Wework has named four men to take on executive roles at the firm and outlined a six-point path to profitability. The office-space operator said it will not be cash flow positive until 2023. Read more: New York State attorney general reportedly investigating Wework Executive chairman Marcelo Claure, told Business Insider the company’s attributes are in real [...]
MUFG likely to deny Softbank loan over Wework bailout November 21, 2019 Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank, is reportedly likely to withhold additional loans from Softbank to finance the conglomerate’s $9.5bn (£7.3bn) rescue package for struggling office space firm Wework. Softbank has asked for around ¥300bn (£2.1bn) additional loans for Japan’s three megabanks – MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group – [...]
New York State Attorney General reportedly investigating Wework November 19, 2019 Embattled office space firm Wework is reportedly being investigated by the New York State Attorney General (NYAG). The issues NYAG is examining include whether Wework founder and former chief executive Adam Neumann indulged in self-dealing to enrich himself, Reuters reported. Read more: Wework losses ballooned to $1.3bn in quarter before failed float The investigation comes [...]