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Monday, Oct 212:35 PMAlibaba reaches board structure deals with NYSE, Nasdaq
Monday, Oct 212:35 PM| Comment!
- In a move that could pave the way for a U.S. IPO, Alibaba has received approval from the NYSE (NYX, ICE) and Nasdaq (NDAQ) to maintain management/founder control of its board, should it list on one of the exchanges. Hong Kong's unwillingness to agree to the same had led the Chinese e-commerce giant to pursue a U.S. listing.
- Alibaba, whose Q2 numbers were released last week by 24% shareholder Yahoo (YHOO +1.8%), will likely have a $100B+ IPO valuation, given the current multiples being assigned to U.S. and Chinese Internet names. That means its offering could exceed Facebook's in size, and will easily dwarf Twitter's.
Friday, Oct 1812:29 PMSoftBank invests $1.26B in mobile procurement specialist Brightstar
Friday, Oct 1812:29 PM| Comment!
- SoftBank (SFTBF.PK +0.3%) invests $1.26B in mobile device/accessories distributor Brightstar, valuing the company at an enterprise value of $2.2B. In conjunction, the Softbank, Sprint, and Brightstar Buying & Innovation Group joint venture will become a division of Brightstar.
- The investment aims to be a pricing power win-win as Brightstar becomes the exclusive provider of handsets, accessories, and services to certain SoftBank telco affiliates. Brightstar plans to purchase over $20B in devices/accessories. The move could reduce procurement expenses at Sprint (S -1.5%), in which SoftBank owns an 80% stake.
- Over the next 5 years, based on certain contingencies, SoftBank's ownership will accrete to 70%, from 57% today. Brightstar founder Marcelo Claure holds the remaining 43% of the company.
- Previous: SoftBank acquires 51% stake in Supercell for $1.5B
Tuesday, Oct 159:50 AMSoftBank acquires 51% stake in Supercell for $1.5B
Tuesday, Oct 159:50 AM| Comment!
- SoftBank (SFTBF.PK -0.2%) acquires a 51% stake in Finnish online game company Supercell for ~$1.5B, DealBook reports. The game maker will use proceeds to expand in Asian countries, including Japan and South Korea.
- Supercell intends to utilize SoftBank's "strategic resources [to] help us deliver our games to hundreds of millions of new consumers all over the globe," said founder Ilkka Paananen.
- Japanese game maker GungHo Online Entertainment, which is partially owned by SoftBank and already collaborates with Supercell, will invest $300M, or 20%, of the stake.
- SoftBank is aiming to gain a larger foothold in the mobile gaming market, which stands to benefit from enormous data usage tailwinds. Supercell's Clash of Clans and Hay Day are reportedly generating $2.4M in revenue a day.
Wednesday, Sep 2511:40 AMT-Mobile CFO: Merger with Sprint makes sense
Wednesday, Sep 2511:40 AM| Comment!
- During a Goldman conference talk, T-Mobile USA (TMUS +2.3%) CFO Braxton Carter called a merger between his company and Sprint (S -2.3%) the "logical ultimate combination." But he also admitted the current M&A regulatory environment is "tough."
- T-Mobile and Sprint have been bleeding share in recent years to bigger rivals Verizon and AT&T. However, T-Mobile has begun to reverse its fortunes with the help of an iPhone deal, contract-free plans, and its Jump smartphone upgrade program. Sprint is betting aggressive pricing and a rapid 4G buildout will help it do the same.
- Regulators may not be the only reason a T-Mobile/Sprint deal would be challenging in the near-term. T-Mobile is in the midst of digesting MetroPCS, and Sprint is fresh off acquiring Clearwire and merging with SoftBank (SFTBF.PK).
- Separately, SoftBank has extended Sprint CEO Dan Hesse's contract through July 2018.
Friday, Jul 194:45 AMVivendi (VIVEF.PK) reportedly turned down an $8.5B offer it received three months ago from SoftBank (SFTBY.PK) for Universal Music. Analysts reacted with frustration to the report, as SoftBank's offer was $2-3B more than some of them reckon Universal is worth. While the French media and telecom conglomerate is under pressure to split itself up and has been looking to sell telecom operations, it views the music business as core. |Friday, Jul 194:45 AM| Comment!
Wednesday, Jul 106:51 PMT-Mobile USA (TMUS) CEO John Legere says his firm is open to tie-ups with Dish (DISH) and Sprint (S). "When I look at the medium to long term, I'm intrigued by Dish's vision," says Legere amidst widespread speculation Dish will try to partner with or acquire T-Mobile now that Sprint/Clearwire are off the table. He hints any deal with Sprint, which will have its hands full in the coming months digesting Clearwire and merging with SoftBank (SFTBF.PK), wouldn't be a near-term proposition. "When we look at the medium to long term, we don't know what the industry structure looks like." (Jump plan: I, II) |Wednesday, Jul 106:51 PM| Comment!
Monday, Jul 88:51 AMSprint (S) shareholders back Softbank's (SFTBF.PK) $21.6B offer to acquire 78% of the U.S. carrier, with investors representing 53% choosing to receive $5.65 in cash and 0.26174408 share of new Sprint for each existing share owned. Around 3% elected to receive just stock, while the 44% of shares that didn't vote will get cash. The companies expect to close the merger on Wednesday. Meanwhile, S&P has downgraded Softbank's debt by two notches into "junk" territory, citing the risks from its purchase of Sprint and the latter's proposed acquisition of Clearwire (CLWR). (PR) |Monday, Jul 88:51 AM| 7 Comments
Friday, Jul 54:22 PM
Friday, Jun 283:35 AMThe Federal Communications Commission does not reportedly intend to demand the sale of any spectrum as part of Sprint's (S) purchase of the almost 50% in Clearwire (CLWR) that it doesn't already own. FCC commissioners could vote on an order recommending the deal today, as well as on SoftBank's (SFTBF.PK) purchase of Sprint. FCC approval of the latter transaction is the last hurdle the companies have to overcome. |Friday, Jun 283:35 AM| 4 Comments
Tuesday, Jun 2511:18 AMSprint (S +0.9%) shareholders have approved the company's merger with SoftBank (SFTBF.PK); a company spokesman says 80% of outstanding shares (and 98% of votes cast) were voted in favor of the deal. SoftBank's revised deal gives the Japanese carrier a 78% stake in Sprint, and existing investors $5.50/share in cash to go with some equity. |Tuesday, Jun 2511:18 AM| 7 Comments
Friday, Jun 213:07 AMSoftBank (SFTBF.PK) CEO Masayoshi Son has forecast that his company's $21.6B acquisition of Sprint (S) should achieve savings of ¥200B ($2B) a year over the next four years. The deal should be completed early next month, barring a late twist involving Dish (DISH) or regulatory problems, Son said at a shareholders meeting. He acknowledged that SoftBank considered buying T-Mobile (TMUS) as an alternative to Sprint. |Friday, Jun 213:07 AM| Comment!
Tuesday, Jun 187:31 PMDish (DISH) is all but officially abandoning its bid for Sprint (S). In a fresh update, the satellite TV provider says the revised SoftBank (SFTBF.PK) deal makes it "impracticable" for it to submit a new offer by Sprint's June 18 deadline, and that it will now focus its "efforts and resources" on the Clearwire (CLWR) tender offer. It increasingly looks as if SoftBank will end up with Sprint (vote on June 25), and Dish with a big minority stake in Clearwire that it could use to obtain a 4G network/spectrum deal with the 3 other parties in this saga. S -1.8% AH. CLWR +1.8%. (previous) |Tuesday, Jun 187:31 PM| 16 Comments
Friday, Jun 1411:21 AMT-Mobile USA (TMUS +3.3%) is "Plan B" for SoftBank (SFTBF.PK) if its merger with Sprint (S +0.3%) doesn't go through, says CEO Masayoshi Son. But Son adds he "[plans] to go with Plan A if possible." Reuters reported last week SoftBank is talking with Deutsche Telekom (DTEGY.PK) about buying its 74% stake in T-Mobile USA if the Sprint merger fails thanks to a rival bid from Dish (DISH). For now, Sprint's board (unlike Clearwire's) is spurning Dish. As always, Son isn't lacking for confidence. "I am determined to be No. 1 in the world very soon in my industry ... You are lucky not to be my competitor." |Friday, Jun 1411:21 AM| 3 Comments
Wednesday, Jun 125:54 PMClearwire (CLWR) officially endorses Dish's (DISH) $4.40/share tender offer, calling it in the "best interest of Class A stockholders." Clearwire's special committee now unanimously opposes Sprint's (S) $3.40/share buyout offer, and the company has rescheduled a shareholder vote on the Sprint deal set for Thursday to June 24. Dish's offer, which is subject to 25% of Clearwire shares being tendered, is now good until July 2. Even if Sprint's merger with SoftBank (SFTBF.PK) goes through, Dish's possession of a large minority stake in Clearwire gives it leverage to strike a favorable 4G network deal. (WSJ report) |Wednesday, Jun 125:54 PM| 9 Comments
Wednesday, Jun 123:50 PMClearwire's (CLWR +0.5%) board plans to endorse Dish's (DISH -3.9%) $4.40/share tender offer and postpone a Thursday shareholder vote on majority owner Sprint's (S -0.1%) $3.40/share buyout offer, the WSJ reports. The reports comes two days after Sprint gave its support to SoftBank's (SFTBF.PK) revised offer for the company, and set a June 18 deadline for Dish to make its final offer. Sprint and Dish have been arguing over the legality (I, II) of Dish's bid for Clearwire. (previous) |Wednesday, Jun 123:50 PM| 1 Comment
Tuesday, Jun 111:59 PMMore on Sprint: Bloomberg reports talks between Sprint (S +2.2%) and Dish (DISH +0.7%) stalled over Sprint's insistence on a $3B termination fee should regulators block a merger. Dish reportedly was only willing to pay a $1B fee. Sprint then presumably turned to SoftBank (SFTBF.PK). |Tuesday, Jun 111:59 PM| Comment!