July 12, 2018
New York- U.S. investment fund Tiger Global has taken a stake of more than one billion dollars in Japanese Internet and telecommunications conglomerate Softbank Group Corp., the Financial Times reported Wednesday.
In a letter to investors, Tiger Global said Softbank Group's share price is "meaningfully undervalued," according to the report.
The fund said, "The opportunity to buy the shares cheaply exists today because Softbank's stock has not appreciated in nearly five years," even though the value of its stake in Chinese e-commerce giant Alibaba has increased by over 90 billion dollars.
Tiger Global manages funds worth a total of some 22 billion dollars. It invests in Alibaba and U.S. ride-hailing company Uber Technologies, also partly owned by Softbank. Jiji Press
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