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Softbank Completes Buyout of Vodafone Japan Unit With 99.5% Stake

Posted on: Thursday, 27 April 2006, 12:00 CDT

By Kyodo News International, Tokyo

Apr. 27--TOKYO -- Internet investor Softbank Corp. said Thursday it has completed the acquisition of the Japanese unit of British mobile phone company Vodafone Group Plc by obtaining a 1.9 percent stake for 32.2 billion yen from a Vodafone Group affiliate.

With its already obtained 97.64 percent stake through a tender offer, Softbank's total stake in Vodafone K.K. came to 99.5 percent.

Softbank implemented the buyout through its subsidiary BB Mobile Corp. BB Mobile purchased the 1.9 percent stake in Vodafone K.K. from Metrophone Service Co.

To help finance the overall acquisition cost, Softbank borrowed 1.16 trillion yen under the 1.28 trillion yen lending facility accord reached between the company and a group of 17 banks.

Of the 17 banks, seven from Japan, Europe and the United States, such as Deutsche Bank and Mizuho Corporate Bank, lead-managed the syndicated loans.

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Copyright (c) 2006, Kyodo News International, Tokyo

Distributed by Knight Ridder/Tribune Business News.

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SFTBF, 9984, 9434, VOD,

Source: Kyodo News International, Tokyo

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