Hedge fund operator Tiger Global Management Llc revealed on Wednesday that it purchased SoftBank Group Corp.'s equity worth more than $1 billion, the Financial Times reported, citing a letter to investors. The firm decided to support the Japanese online industry giant on an estimate it is "meaningfully undervalued," the article says.
The discount to the net asset value, or NAV, is at a record high, according to the message, which highlights the company's "world-class" portfolio. The tech powerhouse runs the SoftBank Vision fund and focuses on the longer-term potential of disruptive innovations. Tiger Global added the share in Alibaba, worth $90 billion, topped the capitalization of the company itself. It also stressed the opportunity for growth after SoftBank purchased investment firm Fortress.
The conglomerate headed by founder and chief executive Masayoshi Son yesterday said it bought shares of Yahoo Japan from Altaba for $2 billion.
