Short Take: Softbank buys 27% share in E*Trade

Online investing service E*Trade Group announced it has completed the sale of $400 million of common stock to Softbank, one of Japan's largest software distributors. Softbank purchased 15.6 million newly issued E*Trade shares at $25.56 per share, acquiring a 27.2 percent stake in the online investing service. Softbank also owns 31 percent of Web portal Yahoo and 35 percent of online community GeoCities.

Aug. 21, 1998 7:50 a.m. PT

Online investing service announced it has completed the sale of $400 million of common stock to Softbank, one of Japan's largest software distributors. Softbank purchased 15.6 million newly issued E*Trade shares at $25.56 per share, acquiring a 27.2 percent stake in the online investing service. Softbank also owns 31 percent of Web portal Yahoo and 35 percent of online community GeoCities.