Softbank hikes Sprint stake past 80%

Dylan Bushell-Embling
20 Sep 2013
00:00

Japan's Softbank has increased its stake in US wireless operator Sprint through a series of stock market transactions.

Masayoshi Son's Softbank has now increased its stake in Sprint to 80.1%, Bizjournalsreported.

Softbank subsidiary Galaxy Investment Holdings acquired shares in Sprint on-market at prices ranging from $6.71 and $6.76 apiece.

Owning more than 80% of Sprint has tax benefits for Softbank in Japan, and the report cites an economist speculating that the company may be attempting to increase Sprint's flagging share price through the transaction.

After a bidding war with US-based Dish Network, Softbank secured a 78% stake in Sprint for $21.6 billion earlier this year. The deal represented a per-share purchase price of $7.65. Softbank took the reins in July.

Dish had also attempted to outbid Sprint for its offer to acquire the remainder of its wireless broadband subsidiary Clearwire, but Sprint raised its bid and won the approval of shareholders.

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