Sprint is nearing an agreement to purchase T-Mobile for $40 per share, multiple outlets are reporting. The deal has been rumored for months, with SoftBank CEO Masayoshi Son pledging to launch a price war with larger competitors AT&T and Verizon Wireless if the deal is approved by US regulators. SoftBank completed its acquisition of Sprint for $21.6 billion last summer. Son has subsequently begun to rally Americans against the relatively dismal internet service they get for the prices they pay.

Bloomberg reports that Sprint's offer is roughly half stock and half cash, and would leave Deutsche Telekom with about 15 percent of T-Mobile. The deal could be announced next month, Bloomberg said. Deutsche Telekom, which currently owns a majority stake in T-Mobile US, has reportedly been in active discussions with SoftBank over who would run the combined company. T-Mobile's outspoken CEO John Legere, according to one source. Over the past two years, Legere has breathed new life into the fourth-place carrier with his "Uncarrier" movement.