TOKYO — SoftBank Group has begun preparations to unload the bulk of its stake in U.S. mobile carrier T-Mobile as part of the Japanese tech conglomerate’s 4.5 trillion yen ($41.9 billion) asset sale plan to fund share buybacks and debt reduction.
SoftBank owns about 300 million T-Mobile shares, or 24%, with a market value of around $31 billion based on Monday’s closing price. The group is looking to raise $20 billion from the sale, U.S. news outlets report.
T-Mobile became an equity-method affiliate of SoftBank in April, after merging with then-group subsidiary Sprint.
SoftBank Group Chairman and CEO Masayoshi Son