The Japanese technology group Softbank announced today that the sale of its stake in the American mobile phone company T-Mobile will generate a profit of about 600,000 million yen (4,978 million euros / 5,597 million dollars).
Softbank announced on June 23 its intention to divest itself of 198 million shares of T-Mobile, through public and private operations, and offer 101 million more shares to the parent company of the US firm, the German Deutsche Telekom.
The Japanese group reported in a statement today that the sale of those 198 million shares was completed last Friday, but it is still pending to close the offer made to Deutsche Telekom, which will be in force until June 22, 2024.
Even so, without taking into account the result of this latest offer, Softbank announced that in the current quarter it will record in its accounts a profit of the mentioned 600,000 million yen.
Softbank had about 24% in T-Mobile, but if both operations are completed as expected, the Japanese group will be left with a remaining 0.4%.
Only with the sale of the 108 million shares Softbank will enter about 21,000 million dollars, and if the operation with Deutsche Telekom is completed, the total of its exit from T-Mobile will generate an income of 41,000 million dollars for the Japanese consortium.
Softbank announced that it will use those proceeds to reduce debt and buy back shares.
On May 18 Softbank announced that it had closed its fiscal year with the worst losses since the consortium was founded in 1981.