for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

SoftBank says ARM deal shows confidence in Sprint turnaround

People walk past a retail shop of the SoftBank telecommunications company in Tokyo, Japan, May 10, 2016. REUTERS/Thomas Peter/File Photo

LONDON (Reuters) - Japan's SoftBank 9984.T said it was willing to do the $32 billion deal to buy Britain's ARM Holdings ARM.L because it believes it is close to turning around another major acquisition, the U.S. mobile operator Sprint S.N.

SoftBank Chairman and CEO Masayoshi Son told a news conference on Monday that he had enough confidence that Sprint was turning around after several years where the business has struggled.

Loss-making U.S. carrier Sprint has been a major headache for SoftBank, which bought a majority stake in 2013.

He also said he made the approach after Britain voted to leave the EU and that the subsequent fall in sterling had not been a major factor.

“Brexit didn’t affect my decision... I would have made this decision, at this time, with or without Brexit,” he said.

Reporting by Costas Pitas and Jemima Kelly; writing by Kate Holton; editing by Paul Sandle

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up