Softbank Mobile Sells Two-Thirds Stake in EAccess
Published on: 17th Jan 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Japanese mobile network operator Softbank Mobile has confirmed the details of the expected plans to sell two thirds of its recently acquired subsidiary eAccess to a group of outside investors.
The company said that a total of eleven companies will buy minority stakes in the company of roughly 6% each, and thus reduce its own holding to a third of the company.
The sale was prompted by concerns at the regulator that the company had exceeded limits on radio spectrum holdings. Although it remains the largest single shareholder in eAccess as it no longer has management control, the company falls back within the regulatory limits.
The buyers include Samsung, Alcatel-Lucent and Nokia Siemens Networks, as well as several local financial investors.
The financial terms were not disclosed.