SoftBank Buys 23 Million More Sprint Shares for $86.9 Million
SoftBank made an additional investment in Sprint, buying nearly 23 million more shares for $86.9 million, giving SoftBank 79.99 percent ownership of the U.S. carrier, SoftBank said in a Thursday announcement. Last week, SoftBank CEO Masayoshi Son said that at…
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one point he had grown disillusioned with the U.S. market and considered selling the Japan’s company’s stake in Sprint, but had had a change of heart (see 1508040054). “It has not been a fun few months for Sprint,” said Wells Fargo analyst Jennifer Fritzsche in a note to investors. “Regardless of the fact if Masa wanted to sell or didn't is irrelevant at this point, in our view. Between his stock purchase yesterday (8/12), comments on the last earnings call and offering a clear incentive to his CEO to drive this stock price higher -- he (and SB) are now fully engaged it seems. It still has much wood to chop admittedly, but we believe it is taking the steps to make this turn.”