June 22, 2020 / 9:21 PM / 17 days ago

T-Mobile launches stock offering to facilitate SoftBank's stake sale

June 22 (Reuters) - T-Mobile on Monday launched a stock offering to facilitate SoftBank Group Corp's plan to sell a portion of its stake in the telecom operator.

For every share T-Mobile sells in the offering, it will repurchase one share from a subsidiary of SoftBank at the same price, T-Mobile said in a statement.

T-Mobile said it was offering about 134 million shares and the underwriters will have access to an additional 10 million shares.

SoftBank was widely expected to try and monetize its T-Mobile stake as it looks to raise capital through asset sale to prop up its floundering tech investing empire and fund a record share buyback. (reut.rs/3eBIFs8)

Goldman Sachs, Morgan Stanley, Citigroup and J.P. Morgan have been appointed as joint lead book-running managers for the offering. (Reporting by Bharath Manjesh in Bengaluru; Editing by Shinjini Ganguli)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below