December 9, 2019 / 7:35 PM / a month ago

SoftBank is selling Wag stake back to company: WSJ

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

(Reuters) - SoftBank Group Corp’s Vision Fund has agreed to sell its nearly 50% stake in Wag Labs Inc back to the dog-walking startup, the Wall Street Journal reported on Monday citing people familiar with the matter.

“We are amicably parting ways with SoftBank and SoftBank will no longer have board representation,” Chief Executive Garrett Smallwood said in a memo to employees, the report said.

Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce, the report said.

“Today, we said goodbye to a number of our friends and colleagues as we align our organization with the needs of our business,” Smallwood said in the memo, according to the report.

SoftBank and Wag Labs did not immediately respond to Reuters request for comment.

Reporting by Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber

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