SoftBank Group plans to sell most of its stake in GungHo Online Entertainment to management of the game publisher in deal valued at ¥73 billion, or roughly $685 million, according to published reports.
Japan-based GungHo, the maker of the popular Puzzle & Dragon’s mobile game, said it plans to buy back its shares from the Japanese telecommunications giant. GungHo will hold a tender offer starting within 20 days from June 3 for ¥294 a share. The news follows upon SoftBank’s announcement that it was selling its shares in Alibaba Group for about $10 billion.
GamesBeat