SoftBank to sell $7.9B in Alibaba stock to cut debt

SoftBank Group Corp. plans to sell at least $7.9 billion worth of shares in Alibaba Group Holding Ltd.

The move is designed to cut the Japanese firm's debt amid worries about losses at its U.S. telecoms unit Sprint Corp.

SoftBank, Alibaba's largest shareholder, hasn't sold sharesi n the Chinese e-commerce giant since it began investing in the company in 2000.

The sale would reduce its stake to 28 percent from 32.2 percent.

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