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SoftBank plans to sell T-Mobile US stake

2020-06-17 17:23 by
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SoftBank Group Corp. said it is considering the sale of its T-Mobile US Inc. shares. The Japanese technology and investment company said it had been in talks with T-Mobile and its parent Deutsche Telekom AG. As it stands, Softbank currently owns approximately 25% of the US telecoms operator, with rumours circulating to suggest it was considering clearing out 20%.

The potential sale would be part of SoftBank Group's program, announced in March, to sell or monetize up to $41 billion in assets to reduce debt and increase its cash reserves. The company said, however, that it cannot assure any of the transactions involving T-Mobile shares will be completed.

It's still unclear if T-Mobile parent company Deutsche Telekom will purchase shares, but the company is determined to ensure it maintains control over the company. Deutsche Telekom currently holds more than 40% of shares in T-Mobile.

SoftBank founder Masayoshi Son acquired the stake in T-Mobile earlier this year, when U.S. regulators approved the sale of his Sprint Corp. to its wireless rival.

Read more -here-

 

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