Android Central

Well, that didn't take long. After both sides of the proposed deal confirmed talks, sources from the deal reportedly have confirmed to Business Insider that Japanese carrier Softbank will purchase a 70 percent stake of Sprint. CNBC reports the deal will be officially announced on Monday.

The deal in total will cost Softbank a whopping $20 billion -- $8 billion in shares directly from Sprint, and a $12 billion offer to buy shares from the public. The deal is expected to close officially with a statement from Softbank on Monday, and will not require a shareholder vote because of the deal's structure.

So what does this mean for the mobile industry? Only time will tell. All reports are that any Softbank investment in Sprint is a bit of a gamble, so it really is yet to be seen what the plan is after the deal closes.

Source: Business Insider; CNBC