SoftBank looks to sell SBG Cleantech stake; in talks with CPPIB, Mubadla
New Delhi: Japan’s SoftBank Group Corp wants to sell its entire stake in SBG Cleantech, and is in separate talks with Canada Pension Plan Investment Board (CPPIB), Abu Dhabi government’s sovereign wealth fund Mubadala Investment Company and Brookfield Asset Management Inc for the same, said two people aware of the development.
As part of its strategy, SBG Cleantech also plans to shortly raise around $500 million through a dollar bond, with Bank of America (BofA) and Barclays being appointed for running the stake sale and bond raise process.
This change in plan follows SoftBank’ previous mandate to Mizuho Bank for finding a ‘significant’ minority investor. SBG Cleantech, is a joint venture between SoftBank and Bharti Enterprises, wherein the Masayoshi Son headed firm holds 80% stake.
