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SOFTBANK TO BUY BACK $41 BILLION IN ASSETS TO TRIM DEBT
AppleMagazine
|March 27, 2020
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.
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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.”
This story is from the March 27, 2020 edition of AppleMagazine.
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