June 1, 2016 / 11:32 PM / a year ago

Softbank says not involved at all in Yahoo Inc asset sale

(Reuters) - Japan’s SoftBank Group Corp (9984.T) is not planning to use any of the funds raised from a recent sale of Alibaba Group Holding Ltd (BABA.N) shares to buy assets put up for sale by Yahoo Inc YHOO.O, SoftBank President Nikesh Arora said on Wednesday.

A man walks past the logo of the SoftBank telecommunications company in Tokyo, Japan, May 10, 2016. REUTERS/Thomas Peter

“We intend to use the capital proceeds to manage our leverage and our balance sheet, which does not include expanding and buying things in the U.S.,” Arora told analysts on a conference call with Alibaba, explaining details of the sale announced on Tuesday.

“I can unequivocally say we are not involved in the process that Yahoo Inc is running in any way, shape or form,” he added.

Reporting By Peter Henderson and Arathy Nair; Editing by Richard Chang

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