SoftBank increases Sprint stake

Japan’s SoftBank has increased its stake in US operator Sprint, to 79.07%, Reuters reports.

The increase follows SoftBank’s subsidiary Galaxy Investment Holdings’ acquisition of an additional 0.73% of Sprint’s common stock.

Galaxy spent a reported $187.6 million on 28.8 million of Sprint’s stocks and Masayoshi Son, SoftBank founder, allegedly told reporters he was looking to increase the company’s ownership in the company to 80%.

SoftBank bought 78% of the third largest US mobile operator in July this year, and did not say why it was increasing its stake.