Yahoo to buy Softbank shares in Europe, Korea units

NEW YORK: Yahoo Inc. has reached agreements to consolidate its ownership in affiliates in Korea and Europe for $500 million in cash, to increase flexibility for pursuing global growth opportunities and to boost operating efficiency.

Yahoo said on Monday it agreed to acquire Softbank Holdings (Europe) Ltd.'s 30 percent stake in Yahoo's affiliates in Germany, France and the United Kingdom.

The Sunnyvale, California-based Internet company also entered into a separate agreement with Softbank Corp., Softbank Korea Corp. and Yahoo Japan Corp. to buy their one-third stake in Yahoo Korea.

The purchases are expected to close in the fourth quarter.