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On Friday, we told you about Japanese phone and Internet company SoftBank being involved in talks about purchasing a majority stake (70 percent) in Sprint. Today, according to CNBC, the deal for America's third-largest wireless company is complete. 

CNBC says SoftBank will buy $8 billion of shares from Sprint and $12 billion worth from shareholders, and that Sprint will receive proceeds from a bond sale to help it complete its acquisition of Clearwire. CNBC says the deal is expected to be announced tomorrow.

And SoftBank may not be done. There is a belief that the company is also looking into MetroPCS. These other wireless companies better watch the throne. 

[via The Verge]