T-Mobile on Monday launched a stock offering to facilitate SoftBank Group Corp's plan to sell a portion of its stake in the telecom operator.
For every share T-Mobile sells in the offering, it will repurchase one share from a subsidiary of SoftBank at the same price, T-Mobile said in a statement.
T-Mobile said it was offering about 134 million shares and the underwriters will have access to an additional 10 million shares. SoftBank was widely expected to try and monetize its T-Mobile stake as it looks to raise capital through asset sale to prop up its floundering tech investing empire and fund a record share buyback.
Goldman Sachs, Morgan Stanley, Citigroup and J.P. Morgan have been appointed as joint lead book-running managers for the offering.
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