Softbank to invest $1 billion in Korean e-commerce site Coupang

Pedestrians walk past logos of SoftBank Corp in front of its branch in Tokyo May 11, 2015.

/Toru Hanai

Japan's Softbank Corp (9984.T) will invest $1 billion in South Korean online retailer Coupang, with the deal expected to close in July, both companies said on Wednesday.The investment would raise to around $1.5 billion the amount of money Coupang has raised so far this year, the companies said in a joint statement. (Reporting by Ritsuko Ando; Editing by Miral Fahmy)