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Alternative Market Briefing

Tiger Global takes $1 billion stake in SoftBank

Thursday, July 12, 2018

Bailey McCann, Opalesque New York:

Hedge fund Tiger Global has taken a more than $1 billion stake in SoftBank Group saying that the bank is "meaningfully undervalued" according to reports.

The Financial Times first reported that Tiger told its investors that it saw the work of SoftBank's Masayoshi Son bearing fruit. The hedge fund believes that SoftBank's assets are trading at a discount and are likely to increase in value over time.

SoftBank was worth $86.3bn at the close of trading today. The bank's Vision Fund has made a series of high profile technology investments including in WeWork and Alibaba. Tiger Global estimates that those investments could generate another $73bn in value.

The article also notes that both Tiger Global and SoftBank are counting on the float of the banks Japanese mobile phone business. The bank could also sell Sprint to rival T-Mobile. A second Vision Fund is also on the way, SoftBank told investors in May.

A report from Reuters noted that the investment from Tiger Global comes on news that SoftBank had raised its stake in Yahoo Japan by buying $2 billion worth of stock from U.S. firm Altaba.......................

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