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Miguel Cordon · · 1 min readReport: SoftBank’s Vision Fund to inject $2b into Korean travel major Yanolja
“Vision Fund, led by billionaire SoftBank founder Masayoshi Son, has decided to invest around US$2 billion in South Korea’s largest travel platform Yanolja,” The Korea Economic Daily reported citing investment banking sources.
Details:
- Yanolja plans to use the funds to expand its business through mergers and acquisitions and to go public in the US as soon as 2023.
- SoftBank will set aside US$1 billion to purchase existing shares of the Korean unicorn and spend an extra US$1 billion to subscribe to new issues.
Context:
- GIC, Singapore’s sovereign wealth fund, and US travel firm Booking Holdings currently hold a combined 35% to 40% stake in Yanolja after investing a total of US$180 million.
- SoftBank’s investment would be the largest single injection into a Korean startup since Vision Fund poured US$2 billion into ecommerce heavyweight Coupang.
Editing by Eileen C. Ang
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