SoftBank Group to sell last of its telecoms assets with Brightstar deal

SoftBank Group said on Friday it would sell US cellphone distributor Brightstar Global Group for an undisclosed price, marking the latest asset sale by the Japanese conglomerate to fund a record stock buyback and raise cash.
 

SoftBank said in a statement it would sell the firm to a newly formed subsidiary of private equity firm Brightstar Capital Partners for cash as well as a 25 per cent stake in the subsidiary. Brightstar Capital is not an affiliate of Brightstar Global, the statement said.

The move comes on the heels of an announcement in late August it was cutting its stake in wireless unit SoftBank, followed by news this week it was selling chip designer Arm to Nvidia.
 

SoftBank was exploring a Brightstar sale to shed lower-growth businesses in 2018, people familiar with the matter told Reuters at the time. Brightstar could be valued at more than $1 billion, the people said. SoftBank Group Chief Executive Masayoshi Son has been selling core assets to stabilise its balance sheet and pay for its repurchase programme to bolster its shares.