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Softbank Corp. plans to take out 1.28 trillion yen in loans to buy British mobile phone operator Vodafone Group PLC’s Japan business, company sources said Tuesday.

The Internet investor will raise the money in the form of syndicated loans from seven financial institutions in Japan, Europe and the U.S., with Deutsche Bank and Mizuho Corporate Bank each expected to extend between 200 billion yen to 300 billion yen.

Among others, Sumitomo Mitsui Banking Corp., Citibank and Goldman Sachs (Japan) Ltd. are expected to each offer 100 billion yen to 200 billion yen.

The Softbank group last month announced plans to acquire a 97.7 percent stake in Vodafone K.K. from the British parent for 1.75 trillion yen in the biggest-ever leveraged buyout by a Japanese company.

Softbank on Tuesday launched a tender offer through April 24.

The cooperative lending by the financial institutions will possibly be extended on April 25, the sources said.

During the tender offer, Softbank subsidiary BB Mobile Corp. plans to acquire a combined stake of at least 95.8 percent in Vodafone K.K. from Vodafone International Holdings BV and Vodafone Europe BV, for 313,456 yen per share.

Metrophone Service Co., which holds a 1.9 percent stake in Vodafone K.K., will not respond to the tender offer, but BB Mobile will purchase Metrophone’s outstanding shares from Vodafone International.

This deal will enable BB Mobile to indirectly hold the 1.9 percent stake in Vodafone K.K., bringing its envisaged stake in the Vodafone Japan unit to 97.7 percent.

BB Mobile plans to acquire the 97.7 percent stake for a combined 1.75 trillion yen, of which 200 billion yen will be financed by Softbank.

Softbank and Vodafone Group agreed last month that the leading Japanese Internet services company will acquire the British group’s entire 97.7 percent stake in its Japan unit.

In addition to purchases from Vodafone International and Vodafone Europe, BB Mobile will try to buy Vodafone K.K. shares held by individual investors through the tender offer to make the company a wholly owned unit.

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