Back in April, Nintendo announced it was selling off the majority of its shares of the MLB team the Seattle Mariners. Since then, according to a notice released today, negotiations have been largely finalized and Nintendo will ultimately sell the shares for $661 million. More specifically, the notice reads:
“In the ‘Notice Regarding the Start of Negotiations to Sell a Portion of Ownership in the Entity which Operates Seattle Mariners’ published on April 28, 2016, Nintendo Co., Ltd. (the “Company”) announced that its wholly owned subsidiary, Nintendo of America Inc., had started negotiations to sell a portion of its ownership in First Avenue Entertainment LLLP, which operates the Seattle Mariners Major League Baseball team.
The Company hereby announces that the sale has officially been closed following approval by the Major League Baseball organization. The sales amount is 661 million U.S. dollars.
We expect that it will take some time to calculate and confirm the impact of this sale to the Company’s consolidated financial performance. After the impact has been confirmed, the Company will disclose the effect to the Company’s consolidated financial performance as necessary.”
While Nintendo will end up retaining 10% of its original shares, they have made a sizable fortune off of this sale. However, only time will tell if this sale was for the best, and right now people can only speculate as to why it was sold.
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