SoftBank to sell USD 20 bln T-Mobile shares

Tuesday 19 May 2020 11:03 CET | News

Japan-based SoftBank has been in talks to sell about USD 20 billion of its shares in T-Mobile US. 

T-Mobile’s merger with SoftBank-controlled Sprint, which was officially completed in April 2020, gave SoftBank ownership of about 25% of T-Mobile’s shares.

Bloomberg reports that under the proposed deal, SoftBank would sell part of its stake to Deutsche Telekom, T-Mobile’s parent company, which currently owns about 44% of T-Mobile’s shares, but would achieve majority ownership if the deal with SoftBank goes through.

According to Techcrunch, if the proposed sale goes through, its proceeds could help offset SoftBank’s heavy investment losses over the year of 2019. SoftBank’s Vision Fund lost USD 17.4 billion, obliterating the USD 12.8 billion gain the fund recorded in 2018. Earlier in 2020, the company also announced plans to sell up to USD 41 billion of its assets to increase its share buyback program.

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Keywords: Softbank, T-Mobile, Japan, US, Deutsche Telekom, banks
Categories: Banking & Fintech
Countries: Japan
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