TL;DRT-Mobile US executives told Deutsche Telekom they oppose the $300B merger after shareholders signalled they would block it
T-Mobile US executives have told Deutsche Telekom they no longer support a proposed merger that would have fully combined the two companies in a deal valued at roughly $300 billion, Semafor reported on Thursday. The reversal came after non-controlling shareholders, including large institutional investors, told T-Mobile they would vote against the transaction. T-Mobile’s leadership concluded the deal was unlikely to win shareholder approval under those conditions.
The merger talks began earlier in 2026, with Deutsche Telekom exploring a full takeover of T-Mobile US, in which it already holds a controlling stake of roughly 50 to 54 percent. The deal would have been among the largest corporate transactions in history, dwarfing Paramount’s $110 billion acquisition of Warner Bros Discovery, which itself faced fierce regulatory and legal resistance this year.
The shareholder opposition centred on concerns that the deal undervalued T-Mobile’s US operations. T-Mobile generated approximately $18 billion in adjusted free cash flow last year and paid more than $2 billion in dividends to Deutsche Telekom. Institutional investors argued that folding the company entirely into its German parent would not reflect the scale of its American business.
