Bellevue, Washington-based T-Mobile could become part of the world’s biggest phone company.

The company is in talks with its German majority-owner Deutsche Telekom AG to combine under one holding company, according to a Bloomberg report.

Deutsche Telekom already owns a 53% stake in T-Mobile. The combined entity would be jointly owned by current investors and might seek a listing on a U.S. and a major European exchange, according to Bloomberg.

T-Mobile and Deutsche Telekom spokespersons would not comment, saying the companies do not comment on speculation.

Bloomberg cited anonymous sources. But if the rumors are true, the deal would be the largest ever public merger, according to Reuters. The merger will require regulatory approvals.

Since the potential news broke Tuesday, it has quickly made international headlines. T-Mobile’s share price fell by 3.3% on Wednesday, following the news. Deutsche Telekom’s stock ended the day down 4.8%

The companies have considered a such a merger for years, and there’s no certainty they will decide to proceed this time, according to Bloomberg’s anonymous sources.

The companies may need to consider commitments to keep a major base in Germany and make significant investments in the U.S., Bloomberg said.

T-Mobile is scheduled to release its Q1 2026 earnings on Tuesday after the market closes.

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