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SoftBank Group to sell Brightstar in latest asset sale

Credit: REUTERS/ISSEI KATO

SoftBank Group Corp said on Friday it would sell U.S. cellphone distributor Brightstar for an undisclosed price, as the Japanese conglomerate divests major assets to raise cash.

TOKYO, Sept 18 (Reuters) - SoftBank Group Corp 9984.T said on Friday it would sell U.S. cellphone distributor Brightstar for an undisclosed price, as the Japanese conglomerate divests major assets to raise cash.

The company said in a statement it would sell Brightstar Global Group to a newly formed subsidiary of Brightstar Capital Partners for consideration consisting of cash as well as a 25% stake in the newly formed subsidiary.

The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close by March 31, 2021, SoftBank Group said.

(Reporting by Chris Gallagher; Editing by Muralikumar Anantharaman)

((chris.gallagher@thomsonreuters.com;))

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