SoftBank to Sell $14 Billion Stake in Telecom Unit

  • Date: 28-Aug-2020
  • Source: The Wall Street Journal
  • Sector:Economy
  • Country:GCC
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SoftBank to Sell $14 Billion Stake in Telecom Unit

Billionaire Masayoshi Son's SoftBank Group Corp. said it would sell a $14 billion chunk of its Japanese mobile unit, adding to a string of asset sales aimed at bolstering the company's debt-laden balance sheet.

The sale will lower its stake in the telecom unit, known as SoftBank Corp., to 40% from 62%, ending its position as majority shareholder. It will remain the largest shareholder of the company, which is one of Japan's biggest mobile-phone providers.

The size of the sale came as something of a surprise. While SoftBank had committed this March to selling assets and raising cash, it was already close to