Thursday, September 3, 2015

SoftBank’s Shopping Spree

SoftBank Group has gone on a shopping spree for Sprint’s stock shares, and has boosted the struggling U.S. wireless carrier’s stock nearly 50 percent over the past two weeks, adding $6.7 billion to its market value, according to Bloomberg. As of last Friday, the company had purchased Sprint shares every day since August 10. This increased SoftBank’s stake to 82%, according to a filing with the U.S. Securities & Exchange Commission. Bloomberg noted that this is below SoftBank’s target limit of 85%. This is just another illustration of how SoftBank founder and Sprint Chairman Masayoshi Son is renewing his commitment to the wireless carrier.

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