The online betting exchange will sell up to 23% of its shares to the Japanese investment firm.
Betfair founders Andrew Black and Ed Wray have agreed to sell part of their respective 15 per cent stakes.
Details of the offer will be released in the next few days, but a Financial Times\’s report valued The Sporting Exchange, Betfair\’s parent company, at £1.5 billion.
“Softbank is the ideal strategic partner for our ambitious expansion plans, because it has a hugely successful track record in a number of related areas,” commented Betfair Chairman Tim Bunting.
Softbank, founded by Masayoshi Son, once the world\’s eighth richest man, is Yahoo partner in Japan. Betfair\’s Mark Davies revealed that the two companies had been in talks for a while over a potential deal on the lines of Betfair\’s tie-up with Yahoo Europe.
Calculators
