Activist investor Elliott Management said on Friday it supports SoftBank’s latest move to buy back up to $4.8 billion of its shares.

Elliott also said SoftBank would have opportunities to pursue additional buybacks following the completion of the merger between Sprint and T-Mobile.

Earlier on Friday, SoftBank announced a plan to repurchase up to 7 percent of its shares as the Japanese tech conglomerate’s shares have tumbled by about a quarter in March.

SoftBank shares were down 5.1 percent in early afternoon trading.