Softbank agrees to eAccess stake reduction to meet spectrum limits

29 Nov 2012

The Japanese telco Softbank Corp has said it plans to reduce its stake in smaller rival eAccess to less than one-third once it has completed its outright acquisition of the company on 1 January 2013. The stake reduction will be carried out through an exchange of shares, Softbank told officials at Japan’s Ministry of Internal Affairs and Communications (MIC), and is being undertaken to ensure that the enlarged Softbank adheres to limits that are imposed on wireless spectrum allocations. Both Softbank and eAccess hold their own frequencies, and they can only continue to do so if Softbank reduces its interest in its new subsidiary to below 33.3%.

Japan, SoftBank Group Corp