TOKYO, Dec 27 Reuters SoftBank Group Corp said it would receive shares in telco TMobile US worth some 7.59 billion at no additional cost, driving the Japanese conglomerate39;s shares up 5.

Masayoshi Son39;s conglomerate said late on Tuesday it had told TMobile US to issue 48.75 million shares in common stock to it after conditions set out in an agreement made as part of the merger of SoftBank39;s U.S. telco Sprint and TMobile were met.

The transaction bolsters the listed assets in SoftBank39;s portfolio, doubling its TMobile US stake to 7.64 from 3.75 currently, following the blockbuster listing of chip designer Arm in September.

This increases the proportion of listed, measurable equity in hand on SoftBank Group39;s balance sheet, and, even better, proportions of marginable equity relative to indebtedness, Macquarie analyst Paul Golding wrote in a client note.

SoftBank39;s shares were on track for their biggest gain in more than a month. The conglomerate has risen only around 14 yeartodate, compared with an almost 30 rise in the benchmark index. The group trades at a discount of around 45.5 to the value of its assets, according to Macquarie calculations.

Son has been a leading investor in late stage startups but has suffered a series of reversals including the bankruptcy of officesharing firm WeWork, which was once the most valuable U.S. startup.

The TMobile US transaction bumps SoftBank39;s internal rate of return IRR on its Sprint investment to 25.5.

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