SoftBank Group to Gain 600 B. Yen thru T-Mobile Share Sale

Economy

Tokyo, June 29 (Jiji Press)--Japan’s SoftBank Group Corp. <9984> said Monday that it expects to record some 600 billion yen in profit for April-June in connection with the sale of some shareholdings in major U.S. mobile phone carrier T-Mobile US Inc.

The Japanese telecommunications and investment firm also announced that T-Mobile will be removed from its equity method associates as a result of the share sale.

SoftBank Group expects to obtain 600 billion yen as the sum of gains from the share sale and the revalued amount of its remaining shareholdings in the U.S. firm.

Last week, SoftBank Group said it will sell T-Mobile shares worth up to 20.1 billion dollars as part of efforts to procure funds totaling 4.5 trillion yen for repurchasing own shares and reducing debts.

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