SoftBank will sell up to about 198 million shares of T-Mobile stock worth about $21 billion, the telecom company announced Monday.
The sale, which represents about 65% of SoftBank's stake in T-Mobile, is part of SoftBank's efforts to free up cash as the coronavirus pandemic has hurt several of its key investments.
SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son speaks during a press conference on November 6, 2019 in Tokyo, Japan.stock worth about $21 billion, the telecom company announced Monday. The sale, which represents about 65% of SoftBank's stake in T-Mobile, is part of SoftBank's efforts to free up cash as the coronavirus pandemic has hurt several of its key investments. Prior to the health crisis, WeWork, a portfolio company of SoftBank's $100 billion Vision Fund, failed to go public after its IPO prospectus was roundly criticized for its nontraditional corporate governance structure and huge losses.
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