SoftBank Group Corp.’s telecom arm is exploring a US listing for its loss-making PayPay mobile payments business, Reuters reported Wednesday, citing unnamed sources familiar with the matter.
(Bloomberg) — SoftBank Group Corp.’s telecom arm is exploring a US listing for its loss-making PayPay mobile payments business, Reuters reported Wednesday, citing unnamed sources familiar with the matter.
SoftBank Corp., Japan’s No.3 carrier, is seeking a New York listing in a bet on higher valuations there for tech companies than in Tokyo, the newswire said. The timing of the listing is unclear, and PayPay would need to show it can earn a profit, it said.
A SoftBank Corp. spokesperson declined to comment.
PayPay is majority-owned by SoftBank Corp. and its internet business Z Holdings, with SoftBank Group’s second Vision Fund also holding a stake.
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