Softbank Corp invests $60 million in Axiata’s ADA unit for 23% stake By Reuters

By Liz Lee

KUALA LUMPUR (Reuters) -Malaysian telecoms firm Axiata Group Bhd on Tuesday said Japan’s SoftBank Corp will invest $60 million in its digital analytics and artificial intelligence arm.

Softbank will hold a 23% stake in the unit, ADA, following the investment that values the unit at $260 million, Axiata said in a statement.

With the investment, ADA will aim to expand its presence in South and Southeast Asia, Axiata said.

SoftBank will “establish ADA as its core digital and data marketing partner in Asia”, it added.