SoftBank Group Announces T-Mobile Share Sale Plan

Economy

Tokyo, June 23 (Jiji Press)--Japanese technology conglomerate SoftBank Group Corp. <9984> said Tuesday it has decided to sell shares in T-Mobile US Inc., an equity-method affiliate, to the U.S. mobile carrier.

The proceeds from the sale, which could exceed 2 trillion yen, will be used to repurchase SoftBank Group shares worth up to 2 trillion yen and to reduce debts.

The price of the share sale will be decided on Tuesday U.S. time, the company said.

The sale of T-Mobile shares is part of SoftBank Group's plan to raise up to 4.5 trillion yen through asset sales to enhance its financial health after the Japanese company incurred a consolidated operating loss of 1,364.6 billion yen in fiscal 2019 due to sluggish investment operations.

SoftBank Group has already sold some of its shares in mobile subsidiary SoftBank Corp. <9434>.

[Copyright The Jiji Press, Ltd.]

Jiji Press