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| Korean-Japanese billionaire SoftBank Group Chairman and CEO Son Masayoshi (also known by the Korean name Son Jeong-ui) / Newsis |
By Anna J. Park
SoftBank Ventures Asia, the venture capital arm of SoftBank Group, is reportedly seeking a new owner, a move that coincides with SoftBank Group's largest ever quarterly loss of 30.5 trillion won ($23.3 billion) posted in the second quarter, this year.
Although the venture capital firm hasn't yet officially acknowledged market rumors about its potential sale in the M&A market, financial industry sources say that the company has been contacting local major financial groups lately as well as various conglomerates to gauge their interest in buying the entire stake of the firm owned by SoftBank Group.
According to sources, conglomerates like Shinsegae, Hanwha and Hyundai Motor were some of the firms contacted by the firm over the potential sale earlier this year. Major financial groups including Mirae Asset Group and KB Financial Group have also been reportedly talking with SoftBank Ventures Asia over the matter.
Market watchers expect conglomerates or major financial groups, which boast ample cash, to be potential buyers of the company. As SoftBank Ventures Asia has strengths in global investments, companies that need to expand their global investment portfolio are expected to be more proactively joining the M&A discussions.
Founded in 2000, the company is operating a total of 10 venture funds, which amounts to 1.06 trillion won worth of assets. While the firm's private equity funds are not included in the calculation, the firm's asset under management (AUM) is estimated to be over 2.2 trillion won, as of the end of the first half of this year. The firm has invested in various countries, including Korea, Singapore, China, the U.S. and Israel.
SoftBank Group, meanwhile, is also reportedly considering the sale of Fortress Investment Group, a U.S.-based asset manager, which SoftBank acquired back in early 2017, as the company is pressured to secure sufficient cash for its investors.
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