SoftBank said Monday that it agreed to sell off most of its stake in Japanese video game company GungHo for about $685 million. GungHo, best known for its mobile game "Puzzle & Dragons," plans to buy back the shares.
SoftBank, a Japanese telecommunications company that's the majority owner of Sprint in the US, has been busy selling off assets recently. It's part of a so-called "transformation strategy," brought on partly by a need to cut down on debt while it works to integrate Sprint into its company. About a week ago, SoftBank said it would sell a portion of its stake in Chinese e-commerce giant Alibaba, which could net it roughly $10 billion.
The company is also in talks with China's Tencent to sell its majority stake in mobile games company Supercell, the Wall Street Journal reported last month.