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SoftBank to increase stake in US subsidiary Sprint

News follows failed merger talks with T-Mobile US

SoftBank Group chief Masayoshi Son has been working to turn around subsidiary Sprint despite an increasingly difficult environment for U.S. wireless carriers.

TOKYO -- SoftBank Group announced on Monday that it will increase its stake in its U.S. subsidiary Sprint following failed merger talks with T-Mobile US.

The tech giant will increase its stake through the market, subject to favorable market conditions. However, SoftBank said it does not intend to increase  ownership of Sprint's outstanding shares to 85% or more.

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