SoftBank, the former majority owner of Sprint, announced it will sell two-thirds of its stake in T-Mobile next week.
SoftBank owns roughly 305 million T-Mobile shares, worth about $31 billion, that it picked up in the company’s merger with Sprint. The stock sale will raise nearly $20 billion for cash-strapped SoftBank, CNBC reports.
The decision comes days after T-Mobile said it will lay off all former Sprint sales employees who joined the company after the merger.
T-Mobile acquired Overland Park, Kansas-based Sprint in April. T-Mobile had previously said the merger would add jobs, and that the Overland Park facility would act as a second headquarters.