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6/22, 10:51 PM (Source: TeleTrader)
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Softbank to sell T-Mobile shares worth $21B

Japanese telecom company SoftBank confirmed on Monday it will sell up to approximately 198 million shares of T-Mobile stock worth around $21 billion.

This represents around 65% of SoftBank’s stake in T-Mobile as the company is trying to free up cash. Some of the key investments the company did were hurt due to the COVID-19 outbreak.

The company stated last week it has allocated $4.66 billion (¥499.9 billion) to buy back 107.7 million of its shares since March.

Breaking the News / TF