News
Reports suggest that the conglomerate is in talks with Deutsche Telekom to sell “a significant portion” of its T-Mobile US holdings
Last month, the much awaited US merger of Sprint and T-Mobile finally took place, creating a $40 billion business.
Just one month later, however, and SoftBank is looking to sell off some of its equity to Deutsche Telekom, according to the Wall Street Journal.
SoftBank currently has a 24% stake in the new T-Mobile and exactly how much of this equity it is looking to part with is unclear. For Deutsche Telekom, who currently own around 44% of the new venture, almost any deal would see their stake rise above 50%.
SoftBank has been hit exceptionally hard by the coronavirus pandemic, particularly through its businesses such as Uber and Oyo, which cannot function effectively during lockdown. The conglomerate recorded a loss of $12.7 billion in the fiscal year ending this March.
In response, the company has pledged a sale of $41 billion in assets, much of which will be used in a share buyback.
Also in the news:
Trump’s trade ban on Huawei extended to May 2021
Ex-CEO of Proximus investigated for insider trading
Today’s headlines from The 5G Daily
