Softbank agrees strategic share swap pact with Deutsche Telekom

FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo
FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon/File Photo

September 7, 2021

TOKYO (Reuters) – Japan’s Softbank Group said on Tuesday it had agreed a strategic partnership with Deutsche Telekom, Germany’s main telecoms company, which will receive 45 million shares of T-Mobile US for 240 million of its shares.

Deutsch Telekom will receive another 20 million shares of the No.3 U.S. wireless carrier with proceeds from the sale of T-Mobile Netherlands, Softbank said in a statement.

The share swap pact will give the Japanese firm access to about 300 million customers, including 95 million who pay for Deutsche Telekom services, it said.

(Reporting by Tim Kelly; Editing by Clarence Fernandez)