SoftBank Purchases $265M in GungHo Entertainment Stocks - NewsWilliam D'Angelo, posted on 26 March 2013 / 2,518 Views
The Japanese telecomms company SoftBank has purchased 25 billion Yen ($265 million) in stocks for the Puzzle & Dragons developer GungHo Entertainment, according to GamesIndustry International. Once the deal is completed SoftBank will have a 58.5 percent stake in the developer.
SoftBank is acquiring a majority stake in GungHo Entertainment because it has a strategy of becoming the biggest mobile internet company in Japan. The company is targeting ¥1 trillion ($10.61 billion) in annual operating income by March 21, 2017.