By Kosaku Narioka 
 

SoftBank Group Corp. said Tuesday that it agreed on a strategic partnership and an equity share swap with Deutsche Telekom AG in a move that would diversify its exposure in Europe.

The Japanese technology and investment company said it would receive 225 million new shares in the German telecom company in exchange for about 45 million T-Mobile US shares it held, and that Deutsche Telekom also intended to acquire another 20 million T-Mobile US shares from SoftBank.

SoftBank said it would hold a 4.5% stake in Deutsche Telekom and become its second-largest private shareholder and intends to have board representation, and that it would retain a 3.3% equity stake in the U.S. mobile company.

Under the strategic partnership, SoftBank portfolio companies will gain access to Deutsche Telekom's customers across Europe and in the U.S.

 

Write to Kosaku Narioka at kosaku.narioka@wsj.com

 

(END) Dow Jones Newswires

September 07, 2021 02:22 ET (06:22 GMT)

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