Japanese conglomerate SoftBank Group (SBG) will sell 198.3 million shares of US operator T-Mobile in a transaction for which it expects to raise around $ 21 billion, the companies have reported.
Thus, the Japanese group led by Masayoshi Son plans to divest 65% of its stake in T-Mobile, which has announced its intention to place 133.5 million common shares on the market, in addition to the option to sell another 10 millions of titles.
In addition, T-Mobile noted that it will sell up to 30 million securities to a Delaware trust that will offer its mandatory exchangeable cash values in a private offering.
Last March, the board of directors of SoftBank Group gave the green light to a plan to sell up to approximately $ 38 billion in company assets with the aim of reducing its debt and increasing its liquidity reserves.
Also, the Japanese firm authorized to carry out a new program to repurchase its own shares for an amount of up to 17,000 million.
“Given the current situation where there is concern about a second and third wave of Covid-19 spread, SBG believes it needs to further improve its cash reserves“, the Japanese company said.
K. Tovar,
Source: CNBC
