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Softbank unveils plans to divest T-Mobile stock, reduce debt
- Wednesday | 24th June, 2020
NEW YORK (Reuters) – SoftBank Group Corp unveiled a series of transactions on Monday to divest more than $21 billion worth of stock in U.S. wireless carrier T-Mobile US Inc, as it seeks funding for a $41 billion share buyback and debt reduction plan. Many of the T-Mobile shares divested by SoftBank were acquired by T-Mobile itself, which will in turn sell them on to the open market and private investors. SoftBank Chief Operating Officer Marcelo Claure will acquire more than $500 million of T-Mobile stock, according to regulatory filings. All in all, SoftBank will divest two-thirds of its 24.6% stake in T-Mobile. It also granted Deutsche Telekom AG, owner of a 43.6% stake in T-Mobile, call options to acquire its remaining T-Mobile shares.
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