BFW 08/12 23:36 SoftBank Buys 22.9m Sprint Shrs, Boosts Stake to 80%
BN 08/12 23:28 *SOFTBANK DOESN'T SEE BUYS PUSHING SPRINT OWNERSHIP TO, OVER 85%
BN 08/12 23:26 *SOFTBANK GROUP: SHARE OF OUTSTANDING SPRINT STOCK ABOUT 80%
BN 08/12 23:26 *SOFTBANK GROUP: GALAXY INVESTMENT PAID AVG $3.80/SHR
BN 08/12 23:26 *SOFTBANK GROUP: GALAXY INVESTMENT BOUGHT 22.9M SPRINT SHARES
BN 08/12 23:25 *SOFTBANK GROUP BUYS ADDED SHRS IN SPRINT
BN 08/12 23:28 *SOFTBANK DOESN'T SEE BUYS PUSHING SPRINT OWNERSHIP TO, OVER 85%
BN 08/12 23:26 *SOFTBANK GROUP: SHARE OF OUTSTANDING SPRINT STOCK ABOUT 80%
BN 08/12 23:26 *SOFTBANK GROUP: GALAXY INVESTMENT PAID AVG $3.80/SHR
BN 08/12 23:26 *SOFTBANK GROUP: GALAXY INVESTMENT BOUGHT 22.9M SPRINT SHARES
BN 08/12 23:25 *SOFTBANK GROUP BUYS ADDED SHRS IN SPRINT
SoftBank Group Acquires Additional Shares in Sprint
2015-08-12 23:25:00.151 GMT
SoftBank Group Acquires Additional Shares in Sprint
Business Wire
TOKYO -- August 12, 2015
SoftBank Group Corp. (TOKYO:9984, “SBG”) today said it has made filings with
the United States Securities and Exchange Commission (SEC) through its wholly
owned U.S. subsidiary disclosing that it has acquired additional shares in
Sprint Corporation (NYSE:S, “Sprint”).
As discussed by Masayoshi Son, Chairman & CEO of SBG and Chairman of Sprint,
on Sprint’s August 4, 2015 earnings call and SBG’s August 6, 2015 earnings
briefing, SBG is enthusiastic about Sprint's prospects. The SoftBank Group and
Sprint teams have been working closely together on Sprint’s network strategy
to enhance Sprint’s competitiveness and reduce its capital expenditures and
operating costs. SBG is also supporting the development of leasing programs to
accelerate the path to positive cash flow generation.
In light of these and other turnaround initiatives, SBG believes that Sprint
shares are fundamentally undervalued. SBG has therefore implemented a program
of open market purchases of Sprint's publicly traded shares. Such purchases
will be made by SBG’s wholly owned subsidiary, Galaxy Investment Holdings,
Inc. (“Galaxy”). As per our Form 4 SEC filing on August 12, 2015 (EDT), Galaxy
has purchased 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
80.0%. Any future purchases by Galaxy will be on an opportunistic basis.
SBG’s purchases are intended to be compliant with the Rule 10b-18 safe harbor
provision of the Securities Exchange Act of 1934, as amended. SBG does not
contemplate that its ownership of Sprint outstanding common stock will
increase to 85% or more as a result of this program.
About SoftBank Group Corp.
SoftBank Group Corp. (TOKYO:9984), through its subsidiaries and associates,
offers a comprehensive range of advanced telecommunications and Internet
services around the world. With Sprint joining in July 2013, the SoftBank
Group became a leading carrier that now has over 100 million subscribers. As a
global technology player, SoftBank aspires to drive the Information Revolution
with its group of disruptive entrepreneurs. SoftBank is also encouraging the
adoption of clean and safe energy through its business activities. To learn
more, please visit http://www.softbank.jp/en/corp/
Forward-Looking Statements
This release was prepared based on information available and views held at the
time of its preparation and speaks only as of the date hereof. Such
information is subject to change and may become out-of-date. Information in
this release may also contain forward-looking statements which are by their
nature subject to various risks and uncertainties that may cause actual
results and future developments to differ materially from those expressed or
implied by such statements.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20150812006391/en/
Contact:
Media:
Japan
SoftBank Group Corp. Corporate Communications
+81.3.6889.2300
sbpr@softbank.co.jp
or
U.S.
Sard Verbinnen & Co
Paul Kranhold/Megan Bouchier
+1.415.618.8750
-0- Aug/12/2015 23:25 GMT
2015-08-12 23:25:00.151 GMT
SoftBank Group Acquires Additional Shares in Sprint
Business Wire
TOKYO -- August 12, 2015
SoftBank Group Corp. (TOKYO:9984, “SBG”) today said it has made filings with
the United States Securities and Exchange Commission (SEC) through its wholly
owned U.S. subsidiary disclosing that it has acquired additional shares in
Sprint Corporation (NYSE:S, “Sprint”).
As discussed by Masayoshi Son, Chairman & CEO of SBG and Chairman of Sprint,
on Sprint’s August 4, 2015 earnings call and SBG’s August 6, 2015 earnings
briefing, SBG is enthusiastic about Sprint's prospects. The SoftBank Group and
Sprint teams have been working closely together on Sprint’s network strategy
to enhance Sprint’s competitiveness and reduce its capital expenditures and
operating costs. SBG is also supporting the development of leasing programs to
accelerate the path to positive cash flow generation.
In light of these and other turnaround initiatives, SBG believes that Sprint
shares are fundamentally undervalued. SBG has therefore implemented a program
of open market purchases of Sprint's publicly traded shares. Such purchases
will be made by SBG’s wholly owned subsidiary, Galaxy Investment Holdings,
Inc. (“Galaxy”). As per our Form 4 SEC filing on August 12, 2015 (EDT), Galaxy
has purchased 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
80.0%. Any future purchases by Galaxy will be on an opportunistic basis.
SBG’s purchases are intended to be compliant with the Rule 10b-18 safe harbor
provision of the Securities Exchange Act of 1934, as amended. SBG does not
contemplate that its ownership of Sprint outstanding common stock will
increase to 85% or more as a result of this program.
About SoftBank Group Corp.
SoftBank Group Corp. (TOKYO:9984), through its subsidiaries and associates,
offers a comprehensive range of advanced telecommunications and Internet
services around the world. With Sprint joining in July 2013, the SoftBank
Group became a leading carrier that now has over 100 million subscribers. As a
global technology player, SoftBank aspires to drive the Information Revolution
with its group of disruptive entrepreneurs. SoftBank is also encouraging the
adoption of clean and safe energy through its business activities. To learn
more, please visit http://www.softbank.jp/en/corp/
Forward-Looking Statements
This release was prepared based on information available and views held at the
time of its preparation and speaks only as of the date hereof. Such
information is subject to change and may become out-of-date. Information in
this release may also contain forward-looking statements which are by their
nature subject to various risks and uncertainties that may cause actual
results and future developments to differ materially from those expressed or
implied by such statements.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20150812006391/en/
Contact:
Media:
Japan
SoftBank Group Corp. Corporate Communications
+81.3.6889.2300
sbpr@softbank.co.jp
or
U.S.
Sard Verbinnen & Co
Paul Kranhold/Megan Bouchier
+1.415.618.8750
-0- Aug/12/2015 23:25 GMT