Bloomberg is reporting this afternoon that a deal to acquire T-Mobile is close to being finalized by Sprint. Multiple outlets including CNBC, and the WSJ are confirming the original report. According to Bloomberg, Sprint will purchase T-Mobile for almost $40 per share. At $39/share, that would put the value of the acquisition at $31.3 billion.

Softbank, the company that owns Sprint, and its CEO have bowed to launch a price war with AT&T and Verizon Wireless should a deal be approved by the FCC and other US regulators.

Bloomberg’s report includes indication that Sprint’s offer is roughly half stock and half cash. It would also leave Deutsche Telekom – the company that currently owns T-Mobile – with about 15% of the company. The deal is set to be announced next month, according to Bloomberg’s sources. No word on who will be named CEO of this new company, but sources have Magenta’s current leader, John Legere, set to take the reigns.