SoftBank sets price in telco stake sale worth $11.7 billion

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

TOKYO (Reuters) - SoftBank Group Corp 9984.T said on Monday it set the offering price for the sale of shares in wireless carrier SoftBank Corp 9434.T at 1,204.50 yen per share, giving the sale a value of 1.24 trillion yen ($11.7 billion) including over-allotment.

SoftBank Group said late last month it would slash its stake in Japan’s third-biggest wireless carrier to 40%, part of a wave of asset sales by the group as it builds up cash.

Seperately on Monday the group announced the sale of chip designer Arm to Nvidia Corp NVDA.O in a deal that will raise up to $40 billion.

Reporting by Sam Nussey; editing by Jason Neely and Louise Heavens