Sprint is abandoning plans to purchase T-Mobile US, reports . According to the site, Sprint and its parent company Softbank believe it would be too hard to gain regulatory approval for the deal, with Sprint planning to make an announcement on Wednesday.News that Sprint was working on a potential purchase of T-Mobile US first came in December of 2013, when suggested Sprint was preparing a takeover bid. The deal, which could have been worth more than $20 billion, would have been subjected to significant regulatory scrutiny. In fact, the United States Justice Department met with Sprint board members to discuss the deal and . U.S. antitrust authorities reportedly believe that having four national carriers is necessary to maintain a competitive market. Japanese carrier Softbank purchased a 70 percent in Sprint back in 2012, while T-Mobile is majority owned by German telecom giant Deutsche Telekom. This is the second time a T-Mobile purchase has fallen through. AT&T previously attempted to acquire T-Mobile
