Japan’s Softbank Group said it has agreed to fully sell US mobile services unit Brightstar for an undisclosed amount to Brightstar Capital Partners (BCP), a private equity firm formed in 2015 by a former executive at Brightstar. Under the terms of the deal, Softbank will get cash and a 25 percent share in BCP. The transaction, subject to the usual approvals and closing conditions, should close by end March.
Softbank has been looking at ways to expand its cash reserves and reduce debt. It recently sold part of its stake in Japanese telecom operator Softbank and reduced its stake in T-Mobile US.
Softbank bought Brightstar in January 2014 . The results of Brightstar will now be listed under discontinued operations. The operations to be sold recorded revenues of JPY 955.4 million for the fiscal year to end March 2020, with a pretax loss of JPY 14.5 million.
