Altaba's Yahoo block sale shows Japan's deep market

The New York-listed holding company stunned the market by selling its 23.9% stake in Yahoo Japan via an overnight block trade. It probably couldn't have happened elsewhere in Asia.

Altaba, the holding company created by Verizon's acquisition of Yahoo Inc's Internet business, sold $4.3 billion worth of shares in Yahoo Japan on Monday in what is the second-largest follow-on offering in Asia so far this year.

The decision did not come as a surprise to the market as the New York-listed investment firm had made it clear that it wanted to sell its entire stake in the Japanese internet giant as early as February.

Still, the magnitude of the deal and the fact that it was structured as an accelerated bookbuild came largely unexpected to some investors.

In terms of total deal size,...

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