SoftBank is selling part of its T-Mobile stake in a secondary offering

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  • SoftBank is selling part of its stake in T-Mobile through a secondary offering, CNBC’s David Faber reported Monday.
  • Morgan Stanley and Goldman Sachs will underwrite the offering, sources told CNBC.
  • The secondary offering is in addition to the sale to T-Mobile’s parent company Deutsche Telekom, sources told CNBC.
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SoftBank is selling part of its stake in T-Mobile through a secondary offering, CNBC’s David Faber reported Monday.

Morgan Stanley and Goldman Sachs will underwrite the offering, sources told CNBC.

The Wall Street Journal earlier reported that SoftBank was in talks to sell part of its stake in T-Mobile back to its parent company, Deutsche Telekom. Sources told CNBC the sale will also include a secondary offering for a sizable chunk of the stake.

Shares of T-Mobile dropped about 3% after hours on the news.

News of the sale comes on the same day that SoftBank reported $13 billion in total annual losses for its main business with $18 billion in losses for its massive venture arm, the Vision Fund. The $100 billion fund was created to take big risks on innovative companies and infuse them with capital, but recently it’s suffered from WeWork’s failed IPO and the onset of the coronavirus pandemic, which has disrupted businesses of all kinds.

T-Mobile recently combined with SoftBank portfolio company Sprint after a protracted legal battle. If T-Mobile’s stock hits certain milestones within two years, a source told the Journal, SoftBank will retain rights to 48.8 million shares surrendered to complete the merger. T-Mobile currently has a market valuation of about $126 billion.

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