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Softbank to sell most of its T-Mobile shares

The conglomerate is looking to sell more than half of its stakes after reporting its worst fiscal year.

Japanese technology conglomerate SoftBank is planning to sell as much as two-thirds of its stake in T-Mobile after pulling in record losses last year, according to CNBC.

The potential sale of its stake in T-Mobile is part of SoftBank’s plan first announced in March to sell $41 billion of assets to buy back shares and reduce debt, writes Forbes.

Starting early next week, Softbank plans to earn $20 billion off of the two-thirds it intends to sell.

SoftBank recently showed a major loss of $13 billion for last year—including a massive $18 billion loss for its Vision Fund, according to Forbes. Because of business missteps and economic fallout from the coronavirus pandemic, the Japanese investing conglomerate was forced to mark down its value.

T-Mobile shares were down nearly 3% on Tuesday and it’s unclear who will buy the T-Mobile shares from SoftBank. Some have speculated that Deutsche Telekom, which currently holds a more than 40% stake in T-Mobile and wants to maintain control of the company, could be a good candidate.