U.S. cable company Charter Communications is said to be in the crosshairs of acquisition-minded tech giant SoftBank Group Corp. Bloomberg reports that the Japanese goliath wants in on the U.S. cable market, with Chairman Masayoshi Son “determined” to use Charter to gain entry.
“Son’s initial gambit failed: Charter on Sunday rebuffed his proposal to combine the company with Sprint Corp., which SoftBank controls,” Bloomberg reports. “Undeterred, the Japanese billionaire is now mustering an offer from SoftBank to buy Charter outright, according to a person with knowledge of his plans. He intends to make the offer this week, the person said, asking not to be identified ahead of a public announcement.”
The report adds: “Bidding for Charter, which has a market value of $101 billion, would mark the most ambitious target yet for Son, whose deal spree has made SoftBank one of the most debt-laden companies in Japan. While an early bet on Alibaba Group Holding Ltd. has delivered outsized returns, Sprint has lost billions since he bought control in 2013 while the Japanese company’s investments in India have been largely written off.”