Softbank’s stake in America’s number-three wireless operator Sprint Corporation has passed the 80% mark.
The Japanese telecoms group completed its acquisition of 78% of the company for US$21.6bn in July and, in early August, announced plans to…
Softbank’s stake in America’s number-three wireless operator Sprint Corporation has passed the 80% mark.
The Japanese telecoms group completed its acquisition of 78% of the company for US$21.6bn in July and, in early August, announced plans to increase its holdings to 80%.
Softbank now holds 80.23% of Sprint after making close to US$500m purchases through Galaxy Investment Holdings between 1 August and 16 September.
According to an SEC filing, it paid weighted prices between US$6.31 and US$7.12 for the stock, amounting to Y50bn (US$498.5m).
The Japanese operator employed JP Morgan as its exclusive agent to work on the purchase.
Earlier this month Softbank revealed plans to enter into a Y1.98 trillion (US$20bn) loan agreement with 19 banks, in what marks one of the largest-ever syndicated facilities in Asia Pacific.
The purpose of the loan is to refinance Softbank’s US$13.4bn bridge facility it used to buy the company then known as Sprint Nextel, now Sprint Corp.
