Elliott Management acquired a stake in Deutsche Telekom to block its planned merger with T-Mobile US. The activist investor is pushing the German firm to abandon the deal. Elliott advocates for alternative value creation through larger share buybacks.
The proposed merger would create the world’s largest telecommunications operator by market capitalization. T-Mobile US currently has a market capitalization of approximately $200 billion. Deutsche Telekom is valued at roughly $160 billion.
Existing opposition includes T-Mobile US executives and institutional shareholders. Critics cite concerns regarding revenue funneling and foreign investment control. Elliott’s intervention creates a major new hurdle for the transatlantic transaction.
T-Mobile separately announced that CFO Peter Osvaldik will step down. Former Shell and GE Vernova executive Jessica Uhl will succeed him in February 2027. This leadership change adds complexity as Deutsche Telekom faces activist pressure.