SoftBank Group Corp. decided not to pursue its goal to buy a stake in reinsurer Swiss Re AG, Bloomberg reports. However, two companies informed that they will be discussing other possible directions for cooperation.

Purchase of the second largest reinsurer in the world could allow Japanese technology and investment company getting access to stable cash flow and help diversify profit channels. However, two sides failed to agree on price and size of a stake as well as on management function transfer.

As a result, SoftBank and Swiss Re decided to finish negotiation on sale and further discuss other possibilities of cooperation.

Meanwhile, SoftBank is focusing on other significant steps today, including merger of its Sprint Corp. with T-Mobile US Inc., as well as on IPO of mobile unit.

Owner of SoftBank, Son, has $13 billion wealth and is a third richest person in Japan.