SoftBank Group has increased its stake in American wireless major Sprint to 80 percent, according to its filings with the United States Securities and Exchange Commission (SEC).
Recently, Sprint’s position in the American telecom market fell to fourth position thanks to aggressive strategy of T-Mobile. Earlier, SoftBank was looking at acquiring T-Mobile U.S.
Masayoshi Son, chairman and CEO of SoftBank Group, earlier said the telecom services company is working on Sprint’s network strategy to enhance Sprint’s competitiveness and reduce its capital expenditures and operating costs. SoftBank is also supporting the development of leasing programs to accelerate the path to positive cash flow generation.
As per its Form 4 SEC filing on August 12, 2015, SoftBank group firm Galaxy has bought 22,873,301 shares at a weighted average price of $3.80, bringing SBG’s share of outstanding shares of Sprint common stock to approximately 80 percent.
