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Yahoo Pays $500 Million to Acquire Stakes in Overseas Units from Softbank

Authored by Mark Hefflinger on November 7, 2005 - 2:52am.
Sunnyvale, Calif. - Yahoo announced on Monday that it will purchase the remaining stakes in its Yahoo Europe and Yahoo Korea units from Japan's Softbank. Yahoo will pay a total of $500 million to Softbank for the 30% stake in Yahoo UK, Yahoo Germany and Yahoo France, and 33% in Yahoo Korea that Softbank holds, giving Yahoo complete control over the foreign subsidiaries. "This agreement to purchase the remaining shares not already owned by Yahoo! in Europe and Korea demonstrates the confidence we have in our international businesses and our commitment to deliver long-term shareholder value," said Yahoo chairman and CEO Terry Semel. "By buying out Softbank's JV interests, our strategic flexibility to take advantage of international growth opportunities in Korea and Europe will be enhanced, and this new structure should lead to a more efficient, longer-term operating and tax model."
tags: Yahoo | Softbank | Stakes | Overseas Units |