Deutsche Telekom could stage the largest merger-and-acquisition transaction on record by buying out minority shareholders in T-Mobile US, according to an analysis published by The Business Times.

The report, headlined "How Deutsche Telekom and T-Mobile US could pull off the world's biggest M&A deal," lays out the mechanics of a transaction that would take the Bonn-based operator to full ownership of its US subsidiary. Deutsche Telekom already holds a controlling stake in T-Mobile US, the second-largest US wireless carrier by subscribers, after steadily increasing its position over several years.

A full buyout would rank as the biggest M&A deal ever attempted, given T-Mobile US's market capitalization, which runs into the hundreds of billions of dollars. The Business Times analysis focuses on how such a deal could be structured and financed rather than whether Deutsche Telekom has formally decided to proceed.

Any move would have to clear US regulatory review. T-Mobile US has been an active consolidator in its own right in recent years, and Washington's posture toward further concentration in the wireless market would shape both the timing and the structure of any parent-level transaction.

Deutsche Telekom has repeatedly signaled in investor communications that it views the US business as its core growth engine, and executives have not ruled out increasing the group's stake further. The Business Times piece does not report a formal offer, a price, or a timeline.

For now, the analysis stands as a scenario exercise: it shows a route exists for the German carrier to consolidate its American asset entirely, and markets will watch Deutsche Telekom's next capital-markets announcements for any sign that the scenario moves toward execution.