SoftBank Group Corp. is prepared to spend a record $4.4 billion buying back stock after the Japanese wireless carrier saw its shares drop to their lowest since buying Overland Park-based Sprint Corp. in 2013.
SoftBank will purchase as many as 167 million shares, or 14.2 percent of its stock, using cash holdings and the proceeds of asset sales, the Tokyo-based company said Monday.
Chairman Masayoshi Son has been dogged by doubts about his ability to turn around Sprint as investor concerns drove a 28 percent plunge in SoftBank stock so far this year. That steep decline has pushed the Japanese company’s market value below that of its own investments in companies including Alibaba Group Holding Ltd.
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