© Reuters. FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File photo
TOKYO (Reuters) – Shares in SoftBank (TYO:) Group Corp jumped 6% on Wednesday after the Japanese tech conglomerate said it would receive shares in telco T-Mobile US (NASDAQ:) worth some $7.59 billion for no additional cost.
Masayoshi Son’s conglomerate said late on Tuesday it had told T-Mobile US to issue 48,751,557 shares of common stock to it after the shares met conditions set out in an agreement made as part of the merger of SoftBank’s U.S. telco Sprint and T-Mobile.
