Softbank to Acquire 70 Percent of Sprint

The $20 billion deal would be the largest acquisition made by a Japanese firm in the U.S.

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Softbank Corp. has reached a deal to buy 70 percent of U.S. mobile carrier Sprint Nextel Corp. for $20.1 billion in the largest-ever foreign acquisition by a Japanese company.

The agreement, 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.