Softbank Corp. and Britain's Vodafone Group PLC, which recently sold its Japanese subsidiary to Softbank, announced Thursday that they are setting up a joint venture to develop and procure mobile phone handsets, software and digital content.
Softbank President Masayoshi Son also said the former Vodafone unit will be renamed Softbank Mobile Corp. to underscore Softbank's commitment to the business. The name change will take effect Oct. 1.
Softbank and Vodafone will each invest 5.5 billion yen in the venture and provide four board members each, including Son and Vodafone Group CEO Arun Sarin.