Microsoft Corp has sold a significant chunk of its stake in Japanese cable operator Jupiter Telecommunications Co. According to analyst reports, the Redmond software giant has relinquished a 12.67% stake in the Tokyo-based firm, which it has offered to institutional investors.
Microsoft is now left with a scant 1.45% interest in Jupiter according to public disclosure documents filed with Japan’s finance ministry.
Microsoft is estimated to have raised around $672.1m (79bn Yen) from the deal based on Jupiter’s closing stock price on Thursday.
Jupiter is majority owned (54.5%) by a venture between Japan’s Sumitomo Corp and US cable magnate John Malone’s Liberty Global.
Shares of Jupiter shot up 22% since the company floated on Japan’s Jasdaq start-up market in March this year. At the time Microsoft trimmed its stake in from 19.5% to 14.1%.
Microsoft is the second US company to cash-out its investment in the Japanese market this week. Earlier, Citigroup announced it would sell a 6.3% (102bn Yen) stake in Japanese brokerage firm Nikko Cordial Corp.