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.
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Andrew was an Executive Editor, U.S. at Android Central between 2012 and 2020.