SoftBank Group Corp . is currently attempting buyers for about $20 billion of the market share in T-Mobile US, according to reports in the Wall Street Journal and Bloomberg. If the proposed sale goes through, its follows could help offset SoftBank’s heavy financing losings over the past year.
According to its first-quarter earnings report yesterday, SoftBank’s Vision Fund lost $17.4 billion in significance for the year ended March 31, obliterating the $12.8 billion gain the fund recorded a year ago. The beginning of this year, the company announced plans to sell up to $41 billion of its resources to increase its share buyback program.
Bloomberg reports that under the proposed deal, which could be announced this week, SoftBank would sell one of the purposes of its stake to Deutsche Telekom AG, T-Mobile’s parent company. Deutsche Telekom currently owns about 44% of T-Mobile’s shares, but would achieve majority ownership if the deal with SoftBank goes through. Softbank would then sell some of its remaining stake to other investors in a secondary offering.
T-Mobile is the United States’ third-largest wireless carrier, after AT& T and Verizon Wireless *, and it has a current sell capital of about $126 billion, which wants SoftBank’s stake is worth about $31 billion, while Deutsche Telekom’s is about $55 billion.
According to the Wall Street Journal, banks including Morgan Stanley and Goldman Sach Group are currently trying investors for the proposed sale.
* Disclosure: Verizon is TechCrunch’s parent company.
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