Japanese wireless carrier Softbank is in talks with Sprint Nextel to take a majority stake in the company, a move ? if it happens ? that has the potential to rewrite the carrier landscape.

Any deal between the two companies could also hasten the deployment in the United States of later-stage mobile solutions already in play in Japan and South Korea. Sprint has confirmed that the two companies are in talks, saying there are no assurances at this point that a deal will take place or what form it will take if it does go through.

?For Sprint, the Softbank deal is not about getting the things currently on its plate done ? for instance, completing its Network Vision network update or funding its iPhone deal ? but more about putting it in a place where it can be a player in industry M&A activity down the line,? said Rich Karpinski, senior analyst for mobility at Yankee Group, Boston.

?It could be trying to jump in to disrupt the T-Mobile/MetroPCS deal today or driving even more consolidation tomorrow,? he said.

?The U.S. market needs a strong number three to compete with AT&T and Verizon, a better-funded Sprint can help dictate how that happens.?

Attracting customers
Several published reports suggest that Softbank is looking to take a 70 percent stake in Sprint at a value of approximately $12.8 billion. It is not clear how soon a deal might be announced.

The infusion of capital from Softbank would enable Sprint to pay off some of it debt and put it in a better financial position as it continues to try to gain customers in the competitive mobile landscape.

The company holds significant debt and continues to lose money. While the number three carrier in the U.S., it is still significantly smaller than either AT&T or Verizon Wireless and is behind these two when it comes to rolling out a high-speed 4G LTE network.

The deal with Softbank could also mean that Sprint customers would benefit from some of the more advanced mobile commerce and location-based marketing services that are already available in Japanese and South Korean markets.

Finding synergies
While the benefits of a deal are clear for Sprint, what is less clear is how Softbank would benefit from the deal.

The Japanese wireless carrier has been actively investing in building its mobile footprint. It owns a 50 percent stake in PayPal Japan, which is offering mobile wallet services and mobile POS services in Japan.

Softbank is also a big investor in mobile advertising network InMobi.

?The initial challenge will be to find true synergies in the combination,? Mr. Karpinski said. ?For one, they could take advantage of their larger scale to improve access to devices.

?Second, along with Sprint partner - and rumored Softbank investment interest ? Clearwire, they have the opportunity to advance the TD-LTE ecosystem, which would give Sprint some important network flexibility in the future by making Clearwire a stronger entity,? he said.

Industry consolidation
For now, it appears that Sprint may be considering making a play to be a bigger player in the U.S. market by acquiring other carriers, which would put it in a better position to compete with the two largest carriers in the U.S., AT&T and Verizon Wireless.

The news of a possible Sprint, Softbank deal follows Deutsche Telekom?s T-Mobile USA agreement last month to acquire MetroPCS.

Prior to the announcement of that deal, many had expected Sprint to make a move on MetroPCS. The Softbank deal could enable Sprint to make a counter offer.

There is also speculation that Spring might try to acquire Leap Wireless or look to make a deal with Dish Network for its satellite spectrum.

?The bigger opportunity will be for both companies ? Softbank and Sprint ? to find aggressive ways to attack the larger players in their respective markets,? Mr. Karpinski said. ?It may be via further consolidation, or creative marketing, or a unique take on 4G services and pricing.

?Even as it competes on today's playing field, it's time for Sprint to start thinking about those next strategic moves down the line,? he said. ?More than anything, that's what the Softbank investment is about.?

Final Take
Chantal Tode is associate editor on Mobile Marketer, New York