Additional Purchases of Sprint Corporation Shares
SoftBank Group Corp. (“the Company”), has purchased additional shares (“Additional Purchases”) of Sprint Corporation (“Sprint”), a subsidiary located in the U.S., through a wholly-owned U.S. subsidiary of the Company as stated below.
1. Outline of Additional Purchases
| (1) Investing company | Galaxy Investment Holdings, Inc. (a wholly-owned subsidiary of the Company) |
|---|---|
| (2) Number of shares purchased | 22,873,301 shares (Share of outstanding shares of Sprint common stock: 0.58%*1) |
| (3) Purchase date | From Aug. 10, 2015 to Aug. 12, 2015 (EDT) |
| (4) Aggregate purchase price | USD 86,911,576.12 (approx. JPY 10.86 bn)*2 |
| (5) Number of shares held by the Company after Additional Purchases | 3,173,958,465 shares (Share of outstanding shares of Sprint common stock: 79.99%*1) |
2. Purpose of Transaction
The Additional Purchases are intended to increase the Company's beneficial ownership in Sprint. Galaxy Investment Holdings, Inc. (a Delaware corporation) intends to acquire outstanding shares of Sprint common stock in compliance with Rule 10b-18 (Safe Harbor Rule) of the Securities Exchange Act of 1934, as amended. The Company does not intend to increase its ownership of Sprint outstanding common stock to 85% or more as a result of these Additional Purchases.
The Company has dedicated significant resources to optimizing Sprint's network strategy and is supporting the development of innovative lease financing structures. In light of these and other turnaround initiatives, the Company is confident in Sprint's future prospects, and therefore decided to carry out the Additional Purchases.
- *1Based on the outstanding Sprint common stock as set forth in Sprint's Quarterly Report on Form 10-Q, filed with the U.S. Securities and Exchange Commission on Aug. 7, 2015 (EDT). This does not include the shares of Sprint common stock underlying the warrant issued by Sprint to the Company's U.S. subsidiary Starburst Ⅰ, Inc. dated July 10, 2013.
- *2Exclusive of any fees, commissions or other expenses. Converted at USD 1 = JPY 125
- *1
Disclaimer
This material was prepared based on information available and views held at the time it was made. Statements in this material that are not historical facts, including, without limitation, plans, forecasts and strategies are “forward-looking statements”.
Forward-looking statements are by their nature subject to various risks and uncertainties, including, without limitation, a decline in general economic conditions, general market conditions, technological developments, changes in customer demand for products and services, increased competition, risks associated with international operations, and other important factors, each of which may cause actual results and future developments to differ materially from those expressed or implied in any forward-looking statement.
With the passage of time, information in this material (including, without limitation, forward-looking statements) could be superseded or cease to be accurate. SoftBank Group Corp. (“SBG”) disclaims any obligation or responsibility to update, revise or supplement any forward-looking statement or other information in any material or generally to any extent, except as required by law. Use of or reliance on the information in this material is at your own risk. Information contained herein regarding companies other than SBG and other companies of the SoftBank Group is quoted from public sources and others. SBG has neither verified nor is responsible for the accuracy of such information.
Any statements made herein regarding Sprint Corporation or Sprint Communications, Inc. (together, “Sprint”) are made by SBG solely in its capacity as an investor in Sprint. None of such statements are made on behalf of or attributable to Sprint. Any information contained herein regarding Sprint is subject to any and all subsequent disclosures made by Sprint on its own behalf. Neither Sprint nor SBG undertakes any obligation to update the information contained herein in connection with any subsequent disclosures made by Sprint, or to reflect any other subsequent circumstances or events. Nothing contained herein may be construed as an obligation on the part of Sprint to provide disclosures or guidance on its own behalf.
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