TMUS - SoftBank Gains 5% Boost In Tokyo-Listed Shares With $7.6B Worth T-Mobile Shares | Benzinga
SoftBank Corp (OTC:SFBQF) has declared that it is set to receive $7.6 billion worth of T-Mobile US Inc (NASDAQ:TMUS) shares at no extra cost, causing its Tokyo-listed shares to spike by 5%.
What Happened: According to Reuters, SoftBank announced late Tuesday that it had instructed T-Mobile U.S. to issue 48.75 million shares in common stock as part of an agreement relating to the merger of SoftBank’s U.S. telco Sprint and T-Mobile. This move will bolster SoftBank’s portfolio of listed assets.
The transaction effectively doubles SoftBank’s hold in T-Mobile US, boosting its stake to 7.64% from the current 3.75%. This follows the successful listing of chip designer Arm in September.
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