- Deutsche Telekom is reportedly exploring a full combination with T-Mobile
- The companies could create a new holding structure with listings in the U.S. and Europe
- Talks are in the early stages, so anything can happen
Is Germany’s Deutsche Telekom (DT) considering a full combination with T-Mobile? That’s what Bloomberg is reporting, citing people with knowledge of the matter.
If that were to happen, it would create a multinational telecom group and rank as the largest-ever public M&A deal, per the report.
According to Bloomberg, DT is considering the creation of a new holding company that would acquire the stock of both companies. The combined entity could then seek a listing in the U.S. and with a major European exchange.
But the talks are said to be in the early stages, meaning they could collapse, or the terms could change significantly.
A DT spokesperson declined to comment. A T-Mobile spokesperson provided the following statement: “As per our usual practice, T-Mobile and DT do not comment on speculation regarding our corporate activity, nor are there specifics to share.”
Regulatory hurdles
Certainly, any transaction would need to pass government hurdles, both in the U.S. and Germany.
Sources told Bloomberg that the companies may need to make commitments to keep a major base in Germany and make significant investments in the U.S. They would also need to convince investors that a larger, multinational telecom entity would be better than two separate, more focused companies.
DT, T-Mobile history
DT’s interest in T-Mobile – its strongest asset – is no secret. DT spent years building up its ownership in T-Mobile, reaching a 53% stake in 2023. T-Mobile’s current CEO, Srini Gopalan, was the CEO of Deutsche Telekom Germany before he joined T-Mobile as chief operating officer in March 2025, succeeding former CEO Mike Sievert in November 2025. Gopalan also had been on T-Mobile’s board for several years.
T-Mobile’s ties to DT run deep. DT bought T-Mobile’s predecessor, VoiceStream, in 2001; both used the GSM standard. VoiceStream’s CEO back then was wireless industry pioneer and VoiceStream founder John Stanton, who stepped away in 2003. His replacement was Robert Dotson, who resigned in 2011.
After Dotson left, DT put Philipp Humm, a former CEO of T-Mobile Deutschland, in charge, but Humm called it quits two years later when he joined Vodafone as head of northern and central Europe. Jim Alling served on an interim CEO basis until “un-carrier” architect John Legere came along. Sievert succeeded Legere in 2020, when T-Mobile closed its Sprint acquisition (the one that was supposed to create so many jobs).
T-Mobile shares, which are down more than 22% over the past year, were trading down slightly today after the report, to around $195.30, putting its market cap at $218.57 billion. DT’s shares were trading around $33.99; its market value is in the $168 billion range.