Softbank to sell stake in Alibaba

$7.9b transaction marks Japanese firm's first sale of shares in e-commerce giant since 2000

Japan's SoftBank Group Corp has announced its plan to sell $7.9 billion worth of its stake in Alibaba Group Holding Ltd in an aim to generate proceeds to cut debt.

SoftBank, which is Alibaba's largest shareholder, has established a new trust with an intention of selling $5 billion in Alibaba's American depositary receipts to qualified institutional buyers, the Japanese company said in a statement.