SoftBank Surges 7% After Getting $8 Billion of T-Mobile Stock
- Windfall comes as part of a deal struck during Sprint merger
- SoftBank is slowly revving up for investment in 2024
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SoftBank Group Corp. rose its most since June after snagging roughly $7.6 billion worth of stock in T-Mobile US Inc., as part of an agreement struck when the wireless carrier merged with rival Sprint Corp. in 2020.
The investment firm rose as much as 7% in Tokyo. SoftBank on Tuesday said it will get 48,751,557 shares of T-Mobile US for no additional cost, after the stock met conditions specified during the landmark deal with SoftBank-owned Sprint.