TOKYO--SoftBank Group Corp. Chief Executive Masayoshi Son reiterated his commitment to invest and create jobs in the U.S. through a $100 billion technology investment fund, saying a number of deals are already in the pipeline. Mr. Son, who met then-President-elect Donald Trump in December, described him Wednesday as an "upfront, frank" person whose deregulation agenda would benefit SoftBank, owner of U.S. mobile carrier Sprint...
Palo Alto Networks Inc. PANW 0.53% is naming former SoftBank Group Corp. 9984 -0.04% president and operating chief Nikesh Arora as its next chairman and chief executive, a surprising decision that follows years of rapid growth for the cybersecurity company. Mr. Arora will replace Mark McLaughlin, who joined Palo Alto Networks as CEO in 2011 and took the company public in 2012. He oversaw brisk growth at a time when high-profile cyberattacks pushed corporations to beef up their investments in security software. In an interview, Mr. McLaughlin said that after nearly a decade of running publicly traded companies, he wants to spend more time with his family. He said he discussed the transition with the board for eight months.
SoftBank founder and Chief Executive SoftBank said Wednesday an agreement was reached overnight to sell its stake in Indian e-commerce company Flipkart to U.S. retailer giant Walmart. He did not give details, but said he was doubling his initial investment with the sale. An official announcement is coming soon, he said.
SoftBank Corp shares plunged more than 10 percent in their debut on Wednesday, as investor appetite for Japan's biggest ever IPO was hurt by a recent major service outage and worries over its exposure to Chinese telecom giant Huawei. Following its $23.5bn initial public offering, shares of the telecoms unit of SoftBank Group Corp fell as far as 1,344 yen ($11.95) five minutes into trade, or 10.4 percent lower than its IPO price of 1,500 yen ($13.34). The broader Tokyo market was down 1.0 percent. At 9:27am (00:27 GMT), the shares were at 1,367 yen ($12.16), after opening at 1,463 yen ($13.01). SoftBank Group was down 2.7 percent.
Singapore state funds bought 1 billion of shares in Chinese e-commerce company Alibaba Group Holding Ltd. as part of an 8.9 billion sale by Japan's SoftBank Group Corp., Alibaba's biggest shareholder, the company said on Wednesday. Singapore sovereign wealth fund GIC Pte Ltd, and state investor Temasek Holdings each purchased 500 million of Alibaba shares at 74.00 apiece through subsidiaries, Alibaba said, offering details of the SoftBank sale announced on Tuesday. GIC and Temasek confirmed the transactions but declined to provide further comment. Temasek is an existing investor in Alibaba. Alibaba purchased 2 billion of its own stock at the same price, in a move which would add to earnings, Executive Vice Chairman Joe Tsai told analysts on a call.