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Softbank To Repurchase Up To $4.4 Billion Of Own Shares In Biggest Buyback

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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A man looks at his phone as he walks past an advertising poster of the SoftBank telecommunications company in TokyoJapanese telecoms conglomerate SoftBank Group on Monday announced its biggest ever buyback in a bid to boost investor confidence, saying it will purchase up to 500 billion yen ($4.4 billion) worth or as much as 14.2 percent of its own shares. The stock has fallen over 37 percent year-on-year amid worries about SoftBank's outlook, including the future of loss-making U.S. wireless carrier Sprint Corp , in which it has a majority stake. The move follows its buyback of around $1 billion worth of shares in August, which Chief Executive Officer Masayoshi Son had said was partly in response to renewed confidence in Sprint.




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