SoftBank Group Corp. (9984.T) announced on Monday that it would sell up to 198 Million shares of the U.S. wireless carrier T-Mobile U.S. Inc. (TMUS.O) worth $21 billion. The telecom company revealed a series of transactions to seek funds for a $41 billion share buyback and debt reduction plan.
T-Mobile shares were down by 1.5% in after-hours trading on Monday.
SoftBank's Founder and Chief Executive Officer Masayoshi Son stated that the shares sale is a part of the company's plan to reduce the heavy debt load and shore up cash amid the coronavirus pandemic.
"Given the current situation where there is a concern for a second and third wave of the spread of COVID-19, (SoftBank Group) believes that it needs to enhance its cash reserves further," the company said in a statement.
SoftBank said that it would pay T-Mobile a $300 Million fee for facilitating the transactions.
Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...
Bloomberg News reported on Thursday that Elon Musk’s Space Exploration Technologies Corp. (SpaceX) is in talks to raise new funds at a valuation of $44 billion. The aerospace company said that it is in discussions with a number of investors ...
South Korea on Wednesday announced that it would scale back its plans to impose capital gains taxes on stock investments after numerous complaints from retail investors. However, taxes will, instead increase for top earners as part of changes ...
On Tuesday, Ebay Inc. (EBAY.O) announced that it had reached a deal to sell off its classified ads business unit to Adevinta ASA (AD5B), a Norway-based classified ads publisher owned by Danish media company Schibsted (SBSTA.OL). The classified ...
Property data and analytics company CoreLogic Inc on Tuesday rejected another $7 billion buyout offer, seeing it inadequate after meeting with the two bidders, investment firms Cannae Holdings Inc and Senator Investment Group LP. Cannae ...