Japan's SoftBank investing $1bn in SKorea's top online retailer

Japanese mobile carrier SoftBank said Wednesday it would invest $1.0 billion in South Korea's biggest online retailer Coupang, whose founder has said he wants his firm to become the "Amazon of Korea". The purchase is the latest in a string of investments for SoftBank including the takeover of number-three US wireless operator Sprint in a $21.6 billion deal. It also marks the biggest investment so far in Seoul-based Coupang, which was founded in 2010 and offers everything from baby goods and beauty products to electronics and tickets for travel and cultural events. The deal would value Coupang between $4.0 and $5.0 billion. A SoftBank spokesman in Tokyo said a company subsidiary would acquire an unspecified equity stake in the South Korean firm, which exceeded $1.0 billion in sales for the first time in 2013. Its mobile platform was responsible for 70 percent of revenue. Apart from Seoul, Coupang also has offices in Silicon Valley, Seattle and Shanghai. SoftBank founder Masayoshi Son has previously said he plans to buy stakes in 30 percent to 40 percent of Asia-based Internet firms as he looks to build on his investment in Chinese e-commerce giant Alibaba. SoftBank already has stakes in about 1,300 companies, including 32 percent of Alibaba, which made a record $25 billion initial public offering in New York last year. -- Bloomberg News contributed to this report --