Telecom Stocks – Goldman Sachs Sells Billion Pack – Economy

HomeEconomy5. October 2021, 9:34 p.m.

Telecom shares: Goldman Sachs sells billion packet

US investment bank Goldman Sachs launches a multibillion dollar bundle of Deutsche Telekom shares onto the market overnight. The 90 million shares valued at 1.58 billion euros are part of a complex transaction with Japanese technology investor Softbank, which only bought the Bonn-based telecommunications giant in early September. The Japanese have obtained 225 million new Telekom shares which they are to hold until the end of 2024. Softbank is now using 90 million of these papers as collateral for the deal with Goldman Sachs. A Telekom spokesman pointed out that this would not change Softbank’s 4.5% stake in the Bonn company.

A month ago, Softbank became Telekom’s second largest shareholder after the German state. At the time, Telekom boss Tim Höttges spoke of a strategic partnership. The Japanese helped Deutsche Telekom increase its stake in US subsidiary T-Mobile US to 48.4 from 43.2 percent. Last year, T-Mobile US partnered with competitor Sprint, which was owned by Softbank.

© SZ of October 6, 2021 / Reuters

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