SoftBank offloads part of Japan mobile business
SoftBank Group prepared to put a portion of its domestic mobile operator on the block, its latest move in a JPY4.5 trillion ($41.8 billion) asset sale and share buy-back scheme designed to cut its massive debt.
In a statement, the company said it approved a sale of 240 million shares in SoftBank Corp, which Mobile World Live estimates are valued at around JPY330 billion, with the transaction scheduled for 26 May.
The number of shares on offer equate to 5 per cent of SoftBank’s stake in the mobile business, reducing its overall holding to 62.1 per cent.
SoftBank said the sale is part of a plan outlined in March to tackle debt and boost its cash reserves. At the time, Reuters tipped a sale of its holding in T-Mobile US as a possible move relating to the strategy: this week Bloomberg reported a deal was close to being settled.
The stake sales come at a turbulent time for SoftBank, which reported a record net loss of JPY961.6 billion in the year to end-March.
