Softbank OKs Sale of Stake in Aozora

Japanese broadband and Internet company Softbank Corp. on Monday approved a plan to sell its stake in Aozora Bank to Cerberus, a U.S. investment fund, for 101 billion yen ($843 million). The deal requires approval from Japan's financial authorities, but Softbank said the sale should be completed by the end of August. Softbank has said it planned the sale of its 49 percent stake in Aozora to Cerberus so it can concentrate on its broadband service business. The plan received official approval at a meeting of Softbank executives, the company said in a statement. Cerberus now owns 12 percent of Aozora Bank. The fund has also invested in a company set up by the country's largest bank, Mizuho, to restructure struggling borrowers. Softbank has invested in a number of Internet ventures, including Yahoo! Japan. It bought its stake in Aozora in 2000 after the bank, previously known as Nippon Credit Bank, collapsed in 1998.