SoftBank Group Corp plans to raise $41 billion to buy back shares and reduce debt. The Japanese technology and telecoms company says its shares are undervalued by 73%. The company’s founder, Masayoshi Son, said the move reflected “the firm and unwavering confidence we have in our business.”
The company will buy up to 2 trillion yen ($18.1 billion) of its shares in addition to a buyback of up to 500 billion yen announced earlier this month. The asset sale will be executed over the next four quarters.