SoftBank reportedly plans to sell about $20 billion of its T-Mobile shares

SoftBank Group Corp.

is currently seeking buyers for about $20 billion of its shares in T-Mobile US, according to reports in the Wall Street Journal

and Bloomberg

. If the proposed sale goes through, its proceeds could help offset SoftBank’s heavy investment losses over the past year.

According to its first-quarter earnings report yesterday, SoftBank’s Vision Fund lost $17.4 billion in value for the year ended March 31, obliterating the $12.8 billion gain the fund recorded a year ago. Earlier this year, the company

announced plans

to sell up to $41 billion of its assets to increase its share buyback program.

The first Vision Fund is officially done investing (and spent $100M every day of its existence)

T-Mobile’s

merger with SoftBank-controlled Sprint, which was officially completed last month

, gave SoftBank ownership of about 25% of T-Mobile’s shares.

Bloomberg reports that under the proposed deal, which could be announced this week, SoftBank would sell part of its stake to

Deutsche Telekom

AG, T-Mobile’s parent company. Deutsche Telekom currently owns about 44% of T-Mobile’s shares, but would achieve majority ownership if the deal with SoftBank goes through. Softbank would then sell some of its remaining stake to other investors in a secondary offering.

T-Mobile is the United States’ third-largest wireless carrier, after ATT and Verizon Wireless*, and it has a current market capitalization of about $126 billion, which means SoftBank’s stake is worth about $31 billion, while Deutsche Telekom’s is about $55 billion.

According to the Wall Street Journal, banks including Morgan Stanley and Goldman Sach Group are currently seeking investors for the proposed sale.

TechCrunch has contacted SoftBank Group and T-Mobile for comment.

**Disclosure: Verizon is TechCrunch’s parent company. *