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Softbank is making an end-run around concerns about a merger of Sprint and T-Mobile US by instead hitting up T-Mobile's parent company Deutsche Telekom. As reported by Japanese news agency Kyodo, Japan-based Softbank has entered into an agreement with Germany-based Deutsche Telekom to buy the latter's ownership stake in US carrier T-Mobile. The US Federal Communications Commission and Department of Justice have expressed their concerns about the potential for such consolidation in the US cellular market, and the move by Softbank would likely end up still being heavily scrutinized.

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Controlling interest in Sprint Nextel has been purchased for $20.1 Billion by the Japanese mobile operator, Softbank. The announcement came today at a Tokyo press conference and represents the largest overseas acquisition by a Japanese firm.

Softbank will invest $20.1 billion into Sprint with $12.1 billion to be distributed to Sprint Stockholders and $8 billion of new capital to strengthen Sprint's balance sheet and fund efforts to expand Sprint's network reach.

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