Telecommunications and Internet company SoftBank Group Corp. will reorganize into two new 100 percent-owned subsidiaries, with its global investment business that includes Sprint separated from its domestic operations.
The Japanese company said Monday the move, which still needs shareholders’ approval, is aimed at making its two key business areas “future growth drivers,” with the transfer to be completed by December. The company said the impact on earnings would be minor.
SoftBank’s stakes in Overland Park-based Sprint will go under the global operations management subsidiary. A Sprint spokeswoman declined to comment on the reorganization’s potential impact on Sprint.
Read more: Kansas City Star