Softbank Confirmed to Buy 70% of Sprint

The rumor mill got it right.

On Monday, reports surfaced that confirmed Japanese operator Softbank will purchase 70 percent of Sprint Nextel.

Based on the details that have come to light, the deal is worth a reported $20 billion.

“The agreement,” the LA Times reported this morning, “announced Monday at a joint news conference in Tokyo by Softbank President Masayoshi Son and Sprint Chief Executive Dan Hesse, will bring together the third biggest mobile carriers of both Japan and the U.S., underlining the growth ambitions of Softbank, which has made a series of acquisitions over the last couple of decades.”

The deal was given a green light by the boards of both companies. It still needs approval from Sprint shareholders and U.S. regulators.

During today’s press conference, Softbank said the transaction will likely close during the summer of 2013.