Japan's SoftBank Group Corp. said Tuesday it will sell $7.9 billion worth of its stake in Chinese e-commerce titan Alibaba Group to raise capital.
The transactions to be carried out in June will decrease the Japanese telecommunication company's stake in Alibaba to about 28 percent from the current 32.2 percent.
SoftBank will remain the largest shareholder of Alibaba even after the sale, with SoftBank Chairman and Chief Executive Officer Masayoshi Son and Alibaba Executive Chairman Jack Ma continuing to serve on board of each other's companies.
Alibaba said in late May it had been probed by the U.S. Securities and Exchange Commission over its accounting practices. But a SoftBank official said the investigation has nothing to do with the company's decision to sell part of its Alibaba stake.
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