SOFTBANK TO BUY BACK $41 BILLION IN ASSETS TO TRIM DEBT
SOFTBANK TO BUY BACK $41 BILLION IN ASSETS TO TRIM DEBT
The Japanese technology and telecoms company SoftBank said it plans to buy back up to 4.5 trillion yen ($41 billion) of its assets as it seeks to trim its gigantic debt burden.
The company’s founder, Masayoshi Son, said the move reflected “the firm and unwavering confidence we have in our business.”

Tokyo-based SoftBank will buy up to 2 trillion yen ($18.1 billion) of its shares, Son said in a statement. Earlier, SoftBank announced a 500 billion yen ($4.5 billion) share repurchase.

Acting at a time when the coronavirus outbreak has ramped up uncertainty for many industries, the company said it will spend the remaining 2.5 trillion yen on debt redemptions, bond buybacks and increasing its cash reserves.

The company said it believes its shares are undervalued by 73% to their “intrinsic value.”

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March 27, 2020