Softbank to pay $20 billion for a 70 percent stake in Sprint

Softbank and Sprint have reached a deal under which Softbank will pay $20 billion for a 70 percent stake in the wireless telecom operator, according to people close to the situation.

The deal is expected to be announced tomorrow morning. While certain details are still being worked out, the boards of both companies have agreed in principle to the deal and are expected to officially ratify it this evening.