AABA Altaba Inc

   By Maria Armental 
 

Altaba Inc., the former Yahoo, is selling its remaining Yahoo Japan stake and intends to use some of the roughly $4 billion in proceeds to buy back stock, the company said Monday.

In a securities filing, Altaba said it was offering its 1.36 billion shares for YEN354 a share ($3.19).

Altaba said it expects the shares to be delivered on Sept. 14.

In August, Altaba sold 614 million shares in Yahoo Japan to Softbank Group Corp. at YEN360 a share, representing about a 31% of its stake in the company.

When Yahoo completed its deal to sell most of its web assets to Verizon Communications last year, most of what remained were stakes in Alibaba Group Holding Ltd. and Yahoo Japan. That was put into a new entity called Altaba, with the understanding that such shares would eventually be sold down and the gains distributed to shareholders.

Altaba shares, which lag the market with a 9% decline this year, closed Monday at $63.80, slightly higher than the 52-week low set during the day.

-- Ben Eisen contributed to this story.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

September 10, 2018 17:50 ET (21:50 GMT)

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