SoftBank to slash wireless carrier stake to 40%; could raise $14 billion

omobpydn4z6do481kix5wuiti_gkvgdxj.JPEG


By Sam Nussey
TOKYO (Reuters) – SoftBank Group Corp <9984.T> said on Friday it planned to slash its exposure to wireless carrier SoftBank Corp <9434.T> in a share sale worth 1.47 trillion yen ($13.8 billion) at Friday’s close, marking an expansion of the conglomerate’s asset sales.
The sale will see SoftBank’s stake fall to 40.4% from 62.1%. The offer price for the 1.03 billion shares, including an over-allotment, will be set Sept. 14-16.
SoftBank Group Chief Executive Masayoshi Son has been selling down the group’s core assets to stabilise its balance sheet and fund a record share buyback amid the coronavirus outbreak.
The announcement marks the expansion of stake sales beyond the 4.5 trillion yen asset sale plan announced in March. One-off gains from the sales boosted the group’s earnings in the April-June quarter.

Read More on Datafloq
Credit: Source link