SoftBank jumps after $18B buyback, its biggest ever

SoftBank (OTCPK:SFTBY) has jumped 17% in Tokyo trading after announcing its biggest-ever share buyback and larges boost to its cash balance.


The company is committing to ¥2T (about $18B) in stock repurchases, coming from the sale/monetization of up to ¥4.5T ($41B) in assets.


That monetization represents less than 20% of the company's current asset value, CEO/Chairman Masayoshi Son says.

The balance of proceeds will be used for debt redemptions, bond buybacks and boosting cash reserves.

It intends to execute the transactions over the coming four quarters.

The new buyback is in addition to the ¥500B buyback program it announced March 13; the two buybacks together would result in the company repurchasing and retiring 45% of SoftBank Group stock.

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