The deal has been valued at around $20 billion

SoftBank Corp. has already acquired Sprint in the U.S., but it wants to get its hands on T-Mobile as well and is currently talking with the banks in order to do so. 

According to a new report from Reuters, SoftBank -- a Japanese telecommunications and Internet corporation -- has met with at least five banks in an effort to acquire a majority stake in T-Mobile. These banks are Credit Suisse Group AG, Mizuho Bank Ltd, Goldman Sachs Group Inc and Deutsche Bank AG.

SoftBank is looking to grab a majority stake in T-Mobile from its parent company, Deutsche Telekom AG, starting in April. The deal has been valued at around $20 billion. 

The new acquisition would help SoftBank CEO Masayoshi Son reach his goal of making SoftBank the world's biggest mobile Internet company. Acquiring T-Mobile would also help it stand a better chance of becoming the world's No. 2 mobile carrier by revenue.

SoftBank hopes that having both Sprint and T-Mobile will help it compete with the two top players in the U.S. -- Verizon and AT&T. 

However, the company will have to face the U.S. Federal Communications Commission (FCC) and the U.S. Department of Justice (DOJ) first. This will be no easy feat, considering the FCC shot down AT&T's attempt to acquire T-Mobile back in 2011, citing competition issues. 

SoftBank may also have to compete with others bidders for the acquisition. Dish Network Corp. is reportedly interested in T-Mobile as well. 

SoftBank acquired Sprint over the summer for $21.6 billion.

Source: Reuters

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