Altaba Inc, the holding company formed from the overseas investments of the former Yahoo Inc, is to raise about US$4.3 billion by selling its entire stake in Yahoo Japan Corp.
The company increased the size of the deal to include its entire 1.36 billion shareholding after initially saying it planned to sell about 750 million shares to raise about US$2.5 billion, according to terms of the deal obtained by Bloomberg.
Altaba is offering shares of Yahoo Japan at ￥354 each, representing a discount of 4.6 percent to the stock’s last close, the company said on Monday in a statement.
Yahoo Japan shares fell as much as 3.5 percent in Tokyo, the biggest intraday drop in a month.
Altaba is Yahoo Japan’s second-largest shareholder with a 23.9 percent stake, trailing only Softbank Group Corp, data compiled by Bloomberg show.
It is Altaba’s second major sale of the Japanese company’s shares this year.
“Yahoo Japan’s equity supply/demand may worsen temporarily as a result, but longer term we expect the outcome will be positive for the firm,” SMBC Nikko Securities Inc analyst Eiji Maeda said in a report.
JPMorgan Chase & Co and Goldman Sachs Group Inc are arranging the offering, the terms show.
In February, Altaba warned that it would start divesting what was then a 35 percent stake in Yahoo Japan, fueling a sell-off of the Japanese Web portal.
The two firms in July announced a plan that would blunt the impact of a large stock sale by a big shareholder. The plan involved Yahoo Japan buying back US$2 billion of its shares in a complicated deal with Softank.
Yahoo Japan did not immediately return phone calls seeking comment on the sale.
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