SoftBank gets $7.6 bln T-Mobile stake windfall, shares soar

Shares in SoftBank Group Corp jumped 5% on Wednesday after the Japanese tech conglomerate said it would receive shares in telco T-Mobile US worth some $7.59 billion at no additional cost.

Masayoshi Son’s conglomerate said late on Tuesday it had told T-Mobile US to issue 48.75 million shares in common stock to it after conditions set out in an agreement made as part of the merger of SoftBank’s U.S. telco Sprint and T-Mobile were met.