News
Japanese telco creates separate subsidiaries for its domestic and international assets.
Softbank on Monday announced plans to reorganise its business, hiving off its now sizeable portfolio of international assets into a separate business unit.
The Japanese firm will effectively split its business into two, creating a global operations management company and a domestic operations management company.
The global business will include Softbank’s stakes in U.S. mobile operator Sprint and China’s Alibaba. It will be headed up by Softbank’s current president and COO Nikesh Arora.
Meanwhile, Softbank director Ken Miyauchi will become chief executive of the domestic business unit, which will incorporate the firm’s domestic telco and Internet operations and Yahoo Japan, amongst other things.
Both subsidiaries will be wholly owned by Softbank Group.
"The timing and method of the transfer will be left to the discretion of Masayoshi Son, chairman and CEO of Softbank Group," the company said, in a statement.
The transfer is due to complete by 31 December 2016, it added.
The plan also requires the approval of Softbank shareholders and regulatory authorities.
