Softbank raises stake in Sprint to 80.1%

19 Sep 2013

Softbank Corp of Japan has confirmed that it has raised its stake in Sprint Corporation (formerly Sprint Nextel) to around 80.1%, via its US-based subsidiary Galaxy Investment Holdings. Local news sources suggest that Softbank acquired the additional stock late last week, paying between USD6.71 and USD6.76 per share. The decision to lift its equity stake above the 80% threshold is expected to give Softbank access to certain tax benefits in Japan.

According to TeleGeography’s GlobalComms Database the Japanese telecoms giant agreed to pay USD21.6 billion for 78% of Sprint in July in July this year.

United States, SoftBank Group Corp, Sprint Corporation