TOKYO (BLOOMBERG) - SoftBank Group, under pressure to raise capital after record losses in its investment business, is unloading part of its stake in wireless carrier T-Mobile US Inc in a US$21 billion (S$29.3 billion) deal.. Read more at straitstimes.com.
TOKYO - SoftBank Group, under pressure to raise capital after record losses in its investment business, is unloading part of its stake in wireless carrier T-Mobile US Inc in a US$21 billion deal.
SoftBank's shares gained as much as 3 per cent in Tokyo on Tuesday . The Japanese investment giant will now turn its attention to other assets in its portfolio and may pursue an outright sale of part of its stake in Chinese e-commerce giant Alibaba Group Holding. Son has said US$11.5 billion raised from issuing contracts to sell stock in Asia's largest corporation was a first step toward unwinding more of its holdings.
The Japanese company is trying to shore up a balance sheet devastated by writedowns that triggered a record 1.9 trillion yen loss last fiscal year at the Vision Fund. As concerns about investments mounted, Son responded with share repurchases in rapid succession, completing a US$4.7 billion buyback programme in just three months.
Five million shares will be sold to an entity controlled by Marcelo Claure, a SoftBank executive and T-Mobile board member, with funding coming from SoftBank. And T-Mobile will have the right to buy almost 20 million shares. Altogether, as many as 198.3 million shares owned by SoftBank will be transferred.
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