Japan's Softbank to Invest $91 Million in Morningstar
An INTERACTIVE JOURNAL News Roundup
July 8, 1999
Softbank Corp. agreed to invest $91 million in Morningstar Inc. in return for a 20% stake in the closely held investment information and services company.
Softbank Is Shaking Up a Once-Sheltered Financial System (June 21)
Nasdaq to Launch Stock Market in Japan With Softbank as Partner (June 15)
Morningstar, of Chicago, and Softbank said the investment will be used to accelerate and expand the growth of Morningstar's Internet business. Softbank Chief Financial Officer Yoshitaka Kitao will become a director of Morningstar's board.
The companies in 1998 formed a joint venture, Morningstar Japan K.K.
Softbank, a Japanese computer distributor and publisher, has built one of the world's largest Internet portfolios, and is increasingly focusing on financial services and data. It is a major investor in online trading leader E*Trade Group Inc. and is trying to set up an electronic stock market in Japan, setting up a joint venture last month with the National Association of Securities Dealers.
Softbank holds interests in more than 100 Internet-related companies, including about 51% of Yahoo Japan Corp., 60% of GeoCities Japan Corp., 69% of technology-oriented publisher Ziff-Davis Inc., 26% of Yahoo! Inc., and 27% of E*Trade. |
