SoftBank Group Corp unveiled a series of transactions on Monday to divest more than $21 billion worth of stock in U.S. wireless carrier T-Mobile US Inc, as it seeks funding for a $41 billion share buyback and debt reduction plan. While the divestments have bankrolled a string of share buybacks, delighting investors including hedge fund Elliott Management Corp, they have raised concerns among credit ratings agencies about the Japanese conglomerate’s financial standing. Many of the T-Mobile shares divested by SoftBank were acquired by T-Mobile itself, which will in turn sell them on to the open market and private investors.
