U.S. wireless carrier Sprint Nextel has reportedly reached an agreement to sell 70 percent of itself to Japanese mobile carrier Softbank for $20 billion.
Both companies' boards have approved the deal, which is expected to be announced tomorrow, sources tell CNBC. Under the deal, Softbank will buy $8 billion in stock directly from Sprint, with another $12 billion purchased from existing stockholders.
The tender offer's price per share is reportedly $7.30, a 27 percent premium over the carrier's closing stock price Friday of $5.73.
CNET has contacted Sprint for comment and will update this report … Read more