SoftBank is selling part of its T-Mobile stake in a secondary offering

SoftBank is selling part of its T-Mobile stake in a secondary offering

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SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son speaks during a press conference on November 6, 2019 in Tokyo, Japan.

Tomohiro Ohsumi | Getty Images

SoftBank is selling part of its stake in T-Mobile through a secondary offering, CNBC’s David Faber reported Monday.

Morgan Stanley and Goldman Sachs will underwrite the offering, sources told CNBC.

The Wall Street Journal earlier reported that SoftBank was in talks to sell part of its stake in T-Mobile back to its parent company, Deutsche Telekom. Sources told CNBC the sale will also include a secondary offering for a sizable chunk of the stake.

News of the sale comes on the same day that SoftBank reported $13 billion in total annual losses for its main business with $18 billion in losses for its massive venture arm, the Vision Fund. The $100 billion fund was created to take big risks on innovative companies and infuse them with capital, but recently it’s suffered from WeWork’s failed IPO and the onset of the coronavirus pandemic, which has disrupted businesses of all kinds. 

This story is developing. Check back for updates.

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