SoftBank Buys Additional Sprint Shares

(RTTNews) - Japan's SoftBank Group Corp. said Wednesday it has acquired additional shares in U.S. wireless carrier Sprint Corp. (S).

SoftBank said it believes that Sprint shares are fundamentally undervalued, and that it has therefore implemented a program of open market purchases of Sprint's publicly traded shares. Such purchases will be made by SoftBankG's wholly owned subsidiary, Galaxy Investment Holdings, Inc.

As per the Form 4 SEC filing on August 12, Galaxy has purchased 22,873,301 shares at a weighted average price of $3.80, bringing SoftBank's share of outstanding shares of Sprint common stock to about 80.0%.