SoftBank Group’s buying spree of Sprint stock may slow soon, as the company approaches the 85 percent threshold set by the New York Stock Exchange for delisting.
According to a Friday filing with the Securities and Exchange Commission, SoftBank and subsidiaries Galaxy Investment Holdings and Starburst I currently own 84.1 percent of Sprint — a total of 3.41 billion shares.
“SoftBank currently expects Galaxy to make further purchases of Sprint common stock,” the filing stated. “However, SoftBank expects that such purchases will not increase SoftBank’s beneficial ownership in Sprint to 85 percent or more of the outstanding shares of Sprint common stock.”
Since merger talks between T-Mobile and Sprint fizzled out in early November, SoftBank has been gobbling up Sprint stock priced around $6 a share. Since Nov. 6, SoftBank has purchased a total of 45.552 million shares, valued around $276.515 million total.
Before the latest slew of purchases, SoftBank owned about 83 percent of Sprint’s outstanding shares.
Read more: Kansas City Business Journal