Press Releases 2002

SOFTBANK announces a partial sale of its holding in UTStarcom, Inc.

Aug. 29, 2002

SOFTBANK CORP. announces that its wholly owned subsidiary, SOFTBANK America Inc. (Headquarter: Delaware, U.S.A., Representative: Masayoshi Son, hereinafter called “SBA”) sold a part of its holding in UTStarcom, Inc. (Nasdaq:UTSI, Headquarter: California, U.S.A., hereinafter called “UTSI”).

SBA sold 6,000,000 shares of UTSI, for an aggregate price of approximately US$72 million (translated amount in yen: approximately 8.6 billion yen; exchange rate: $1=119 yen). Gain on sale of such shares is expected to be approximately 3.6 billion yen. SBA’s stake in UTSI is expected to decrease from approximately 31% to approximately 26% after the transaction.

Proceeds from the above-mentioned sale will be allocated for the broadband business, which SOFTBANK as a group is developing vigorously, and other businesses.

SBA remains as the largest shareholder of UTSI and UTSI continues to be an equity-method affiliate. UTSI is an important business partner for SOFTBANK’s wholly owned subsidiary, BB Technologies Corporation, which provides infrastructure and technical support for a comprehensive broadband service “Yahoo! BB”. We will continue to seek synergy with UTSI through the broadband business.

  • Releases, announcements, presentations and other information available from this page and elsewhere on this website were prepared based on information available and views held at the time of preparation and speak only as of the respective dates on which they are filed or used by SoftBank Group Corp. or the applicable group company, as the case may be. Such information is subject to change and may become out-of-date. Such information may also contain forward-looking statements which are by their nature subject to various risks and uncertainties that may cause actual results and future developments to differ materially from those expressed or implied by such statements. Please read legal notices in its entirety prior to viewing any information available on this website.