Sprint Confirms Softbank Talks

Sprint Nextel confirmed Wednesday that it is in talks with Japanese telecom giant SoftBank, about an investment that could result in a takeover.

The discussed deal, according to the New York Times, would entail SoftBank paying $12.5 billion to acquire around 70 percent of Sprint.

“Sprint today confirmed that it is currently engaged in discussions with SoftBank regarding a potential substantial investment by SoftBank in Sprint,” Sprint said in a statement.

“Although there can be no assurances that these discussions will result in any transaction, or on what terms any transaction may occur, such a transaction could involve a change of control of Sprint. Sprint does not intend to comment further unless and until an agreement is reached.”

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