SoftBank confirms it may sell some of its T-Mobile stake

Catherine Shu
TOKYO, JAPAN - MAY 18: A man rides a bicycle past a SoftBank Corp. store on May 18, 2020 in Tokyo, Japan. SoftBank Group Corp. posted a record net loss of 961.6 billion yen for the fiscal year ended March 31, 2020. (Photo by Tomohiro Ohsumi/Getty Images)

SoftBank Group confirmed today it is considering selling its T-Mobile U.S. shares.

Bloomberg reported last month that SoftBank was nearing an agreement to sell about $20 billion of its T-Mobile U.S. shares to investors, including Deutsche Telekom, T-Mobile’s controlling shareholder, in an effort to offset major losses from its investment business, including the Vision Fund.

In today’s notice, SoftBank Group, which owns about 25% of T-Mobile U.S. shares, said it is exploring transactions that could include private placements or public offerings and transactions with T-Mobile or its shareholders, including Deutsche Telekom AG, or third parties.

The potential sale would be part of SoftBank Group’s program, announced in March, to sell or monetize up to $41 billion in assets to reduce debt and increase its cash reserves. The company said, however, that it cannot assure any of the transactions involving T-Mobile shares will be completed.

SoftBank reportedly plans to sell about $20 billion of its T-Mobile shares