SoftBank kicks off $21 bln T-Mobile stake sale
SoftBank is offloading about two thirds of its stake in T-Mobile US, raising $21 billion for a share buyback and debt reduction plan.
Julian Satterthwaite reports.
21 billion dollars of T-Mobile US stock is up for grabs.
Japanese investor SoftBank is unloading two-thirds of its stake in the U.S. phone network.
That as it tries to raise 41 billion dollars for a share buyback and debt reduction plan.
The moves come after a number of its big tech bets went sour.
SoftBank has had to pour billions into struggling office sharing firm WeWork.
It also has a stake in German payments firm Wirecard, now mired in scandal over a 2 billion dollar hole in its accounts.
Now many of the T-Mobile shares divested will be acquired by T-Mobile itself.
It will then sell them on the open market and to private investors.
It’s the latest in a string of divestments that have delighted investors.
SoftBank shares have more than doubled since mid-March, despite the global stock turmoil.
But the dramatic moves have also raised concerns among credit rating agencies about the tech investor’s financial standing.