Softbank buys 10.1% stake in Swedish cloud computing firm Sinch

STOCKHOLM: Softbank-owned SB Management has bought a 10.1% stake in Swedish cloud computing services provider Sinch, acquiring stakes from some major shareholders and participating in a directed share issue, Sinch said late on Monday.

Sinch said in a statement it had issued 3.2 million new shares at a subscription price of 1.050 crowns per share, a 6.6% discount to Monday’s closing price, raising about 3.3 billion Swedish crowns ($386 million) for the firm.

“The company intends to mainly use the proceeds from the share issue to increase the company’s financial flexibility for new acquisitions,” Sinch said.