Softbank could sell most of eAccess

Softbank could sell most of eAccess

Dylan Bushell-Embling  |   January 15, 2013
telecomasia.net
Weeks after completing the acquisition of 100% of eAccess, Japan's Softbank is said to be planning to sell off two thirds of the business to 11 companies.
 
Associated Press and the Nikkei have both reported, citing sources, that Softbank is in the final stages of talks to sell 67% of eAccess to a group of interested buyers including Samsung Electronics.
 
The planned sale is thought to be required for Softbank due to Japanese laws limiting spectrum allocations. Softbank could potentially be cut off from new allocations if it maintains more than a 33% stake in eAccess.
 
Sources quoted in the reports say eAccess plans to divide the stake sale up mostly equally between eleven companies – five foreign telecom companies, including Samsung and Ericsson, and six domestic companies including Orix Corp.
 
While Softbank will remain the top shareholder, it will lose veto rights. One report suggested its control will be diluted even further than its 33% holding, as many of the shares it plans to maintain hold of do not have voting rights.
 
Softbank bought eAccess for $2.3 billion in October last year. The operator only completed the transaction – making eAccess a wholly-owned subsidiary – as of January 1.
Dylan Bushell-Embling
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