Yahoo Inc is in advanced talks to exit its joint venture in Japan with SoftBank Corp, a move that could lead it to focus on reaching a decision on its China assets.
A deal to transfer Yahoos 35 percent stake in Yahoo Japan to telecommunications company and investor SoftBank could come within a few weeks, people with knowledge of the discussions said. The public value of the stake is just under $7.5 billion.A straightforward sale is unlikely for tax reasons and the parties are exploring other structures, these people said. A deal has not yet been reached and could yet fall apart.
When asked for comment, a SoftBank spokesman said there was "no truth" to claims that Yahoo was planning to sell its stake back to SoftBank, but declined to comment on discussions.Shares of Yahoo Japan rose 8 percent and Softbank shares fell as much as 4 percent on the Tokyo stock exchange after the Reuters report.
Read the rest of the story: Exclusive: Yahoo in talks to exit Japan, sources say.