SoftBank Corp., the Tokyo-based company that acquired control of Sprint Corp. last month, has been adding to its stake.
By MARK DAVIS
The Kansas City Star
This month, a SoftBank subsidiary has spent $187.6 million to buy 28.8 million more shares of Sprint, according to a filing with the Securities and Exchange Commission.
At an average of $6.51 a share, SoftBank’s purchases came during a three-day run in which Sprint shares gained 92 cents a share. The stock closed up again Tuesday at $6.97, up 9 cents, more than a dollar higher than before SoftBank’s small spree.
The added shares pushed SoftBank’s ownership to 79.36 percent. SoftBank’s filing said it intended its purchases to push its ownership to about 80 percent.
In early July, SoftBank completed its $21.6 billion deal to buy 78.63 percent of Sprint’s stock. Its additional shares were bought by a subsidiary called Galaxy Investment Holdings Inc., which bought the shares through J.P. Morgan Securities LLC, the filing said.
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