Softbank is to sell its stake in T-Mobile following T-Mobile’s purchase of Softbank’s US telco Sprint earlier this year.

Softbank will reduce its 24% stake in T-Mobile to 0.4% in two transactions,

First it will sell up to 198 million shares worth $21 billion to T-Mobile.

Second, it will give Deutsche Telekom, T-Mobile’s parent company, an option until June 2024 to buy 101 million shares worth $10.8 billion

Softbank bought Sprint for $21.6 billion in 2013.

Sodtbank is trying to raise $41 billion in asset sales to reduce its debts after suffering a $7.5 billion loss large  on its investments in other companies plus an $18 billion loss on its $100 billion investment vehicle –  The Vision Fund – which was worth $70 billion at the end of March.