Softbank Inc., a Japanese venture capital firm that has emerged as one the of largest investors in Internet technology companies, said it would sell 3.3 million shares of Yahoo Inc. stock, or roughly 3% of its 32% stake.

The privately negotiated transaction underscores the wealth of resources at Softbank's disposal - and its growing prominence in the financial markets. Softbank, which said it expects to use the proceeds to fund its global expansion efforts, says its core business is Internet-based business development. At 2:15 p.m. Friday, Yahoo was trading at 129.687, up 9.625.

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