SoftBank spends $87 million on additional Sprint shares
Japan’s SoftBank has spent an estimated $87 million on an additional 22.9 million shares in Sprint, Reuters reports.
With an 80% share, SoftBank is already the majority stakeholder in Sprint, and the acquisitions were made via SoftBank subsidiary Galaxy Investment Holdings.
The company stated that it does not expect its ownership in Sprint to increase to more than 85% as a result of the new shares.
SoftBank increased its stake in Sprint in August 2013, again via its Galaxy subsidiary, but it had been rumoured that the Japanese giant was considering selling off its Sprint shares as the US carrier had been experiencing a large revenue decline.
However, Sprint reported a smaller than expected loss in its last quarter results – and reshuffled its management structure – and SoftBank has since told investors that it has no plans to sell its stake in the company.