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SoftBank Group Acquires Additional Shares in SprintSoftBank Group Corp. (TOKYO:9984, "SBG") today said it has made filings with the United States Securities and Exchange Commission (SEC (News - Alert)) 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 (News - Alert), 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 puchased 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 (News - Alert) 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/ |
