Japanese tehcnology investment group Softbank is to acquire up to 23% of British online betting group Betfair.
Under the deal, Sporting Exchange Limited, Betfair's parent company, will facilitate an offer to shareholders for a minimum of 15% and a maximum of 20% of its share capital. It will then offer Softbank a further 3% of primary shares.
Betfair chairman Tim Bunting described Softbank as 'the ideal strategic partner' fir its expansion plans.
