Japan’s SoftBank Group Corp. is in separate talks with Canada Pension Plan Investment Board (CPPIB), Mubadala Investment Co. and Brookfield Asset Management Inc. to sell its entire stake in Indian green energy firm SBG Cleantech, two people aware of the development said.
Bank of America (BofA) and Barclays have been hired to run the stake sale process by SoftBank, the people cited above said on condition of anonymity. The investment bankers will also help SBG Cleantech, a joint venture between SoftBank and Bharti Enterprises, to raise around $500 million through a sale of dollar bonds. Talks with CPPIB are at an advanced stage. SoftBank holds an 80% stake in SBG Cleantech.
While SoftBank is open to selling its entire stake, it is still trying to find a ‘significant’ minority investor.
