German authorities raided Deutsche Telekom's offices on suspicion of corruption tied to its fiber-optic network expansion, with a senior employee identified as the primary suspect. The raid lands at an awkward moment: Bloomberg separately reports the company is evaluating a full merger with its U.S. subsidiary T-Mobile US. No charges have been confirmed and the investigation is ongoing.
A live corruption investigation introduces regulatory and reputational risk that could complicate — or outright derail — any Deutsche Telekom / T-Mobile US merger process, which would be one of the largest telecom deals in years. T-Mobile US shareholders face uncertainty because a merger at unfavorable terms or a deal collapse both carry downside. European telecom ETFs with DT exposure also face near-term headline risk.
Ongoing: German prosecutors' updates on the bribery investigation scope and whether charges are formally filed. Watch for Deutsche Telekom or T-Mobile US official statements confirming or denying merger talks. T-Mobile US next earnings: July 2025 — management commentary on the merger question will be closely watched.
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