SoftBank Buys 23 Million More Sprint Shares for $86.9 Million

SoftBank made an additional investment in Sprint, buying nearly 23 million more shares for $86.9 million, giving SoftBank 79.99 percent ownership of the U.S. carrier, SoftBank said in a Thursday announcement. Last week, SoftBank CEO Masayoshi Son said that at one point he had grown disillusioned with the U.S. market and considered selling the Japan’s company’s stake in Sprint, but had had a change of heart (see 1508040054). “It has not been a fun few months for Sprint,” said Wells Fargo analyst Jennifer Fritzsche in a note to investors. “Regardless of the fact if Masa wanted to sell or didn't is irrelevant at this point, in our view. Between his stock purchase yesterday (8/12), comments on the last earnings call and offering a clear incentive to his CEO to drive this stock price higher -- he (and SB) are now fully engaged it seems. It still has much wood to chop admittedly, but we believe it is taking the steps to make this turn.”