SoftBank Announces Share Buyback

Softbank plans $4.4 billion share buyback - Japanese telecommunications giant Softbank has announced its largest ever stock buyback of about $4.4 billion.

This repurchase of common stock follows an August 2015 buyback of about $1 billion, done by CEO Masayoshi Son to buttress its flagging stock and to suggest confidence in its $21.6 billion acquisition of a controlling interest Sprint in 2013.

Since Softbank acquired Sprint (S), the wireless provider has fallen to the No. 4 spot behind T-Mobile and has seen its shares fall nearly 70% to close at $2.66 on Friday.

Softbank is also being hit by its 32% stake in Chinese Internet company Alibaba (BABA), which has seen its U.S. stock fall 30% over the last year to $60.89. Meanwhile, Softbank's shares on the Tokyo Stock Exchange have fallen to their lowest level in two years and its U.S. shares (SFTBY) have fallen more than 35% to $19.12 over that time.

Before the announcement, Softbank shares in Japan rose more than 5% as part of a rally in Japanese and European markets.