SoftBank Group Corp is borrowing nearly $4 billion from a group led by private equity giant Apollo Global Management Inc , a source familiar with the matter said, as the conglomerate looks to increase cash on hand after its finances came under pressure. The loan, to be secured by SoftBank’s $40 billion Vision Fund 2, is expected to be funded by the end of the year, the source said. The Japanese investment giant will pledge some of its stakes in technology companies for the loan, said the source, who requested anonymity as these discussions are confidential. Besides Apollo, its insurance affiliate Athene Holding Ltd and other mutual funds, endowments, and financial institutions will be providing the loan, the source said. SoftBank has experienced rapidly changing fortunes over the last year, with its stock price and portfolio valuations plummeting in the early days of the COVID-19 pandemic, forcing the group into …
SoftBank to Borrow $4 Billion From Apollo-Led Group
December 22, 2021
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