SoftBank  and Sprint Nextel have entered into an agreement under which SoftBank will invest $20.1 billion to acquire 70% Stake in Sprint. Sprint equity holders will own approximately 30% of the shares of New Sprint.

With this acquisition, SoftBank plans to leverage its expertise in smartphones and next-generation high speed networks, including LTE, to drive the mobile internet revolution in U.S. as Sprint’s Nationwide Rollout of 4G LTE Continues.

“Our management team is excited to work with SoftBank to learn from their successful deployment of LTE in Japan as we build out our advanced LTE network, improve the customer experience and continue the turnaround of our operations,” said Dan Hesse, Sprint CEO.

The transaction has been approved by the Boards of Directors of both SoftBank and Sprint. Completion of the transaction is subject to Sprint stockholder approval, customary regulatory approvals and the satisfaction or waiver of other closing conditions. The companies expect the closing of the merger transaction to occur in mid-2013.