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Softbank Looking to Sell Majority Stake in EAccess Subsidiary
Published on:
Softly after taking control of the company, Japan's Softbank is said to be in talks to sell two-thirds in its eAccess subsidiary to a number of investors. Softbank paid US$1.8 billion for eAccess late last year.
Local news reports said that the company is in talks to sell a 67% stake to around ten other shareholders. While it loses control over the company, it would remain the largest single shareholder.
Potential buyers are reported to have included Ericsson, Nokia Siemens Networks and Samsung.
The sale is thought to be due to the combined company's radio spectrum holdings which are understood to be causing concern at the telecoms regulator. Ceding management control would alleviate those concerns.
The deal is thought to be unrelated to Softbank's vastly larger deal to buy a majority stake in USA based Sprint Nextel. However it has been claimed that Chinese investors are not being considered for the eAccess deal in case that jeopardizes US approval for the Sprint Nextel deal.
Tags: [softbank] [eaccess] [Japan]
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