SoftBank store

Following an announcement on Friday that SoftBank was in negotiations to acquire 70 percent of Sprint, it now appears that the deal may already be complete.

According to a report from CNBC, SoftBank will acquire controlling interest in Sprint for $20 billion dollars. The deal is being reported to consist of $8 billion worth of shares to be purchased directly from Sprint for a price of $5.25 a share. The remaining $12 billion will be purchased from shareholders at a price of $7.30 a share.

The hope is to close the deal within six months and will serve as a way for SoftBank to expand its global reach. There are also plans should the deal be completed to purchase more smaller carriers to expand the amount of spectrum it controls in the U.S. A formal announcement of the agreement could arrive as early as Monday.

With T-Mobile in talks with MetroPCS, it seems there is about to be a lot of consolidation in the cellular industry.

[via CNBC]