SoftBank Group to sell Brightstar in latest asset sale

[TOKYO] SoftBank Group Corp said on Friday it would sell US 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 per cent 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.

REUTERS