SoftBank Sells $3B T-Mobile Stake While Deutsche Telekom Tightens Grip

Rhea-AI Filing Summary

Deutsche Telekom AG and its subsidiaries have filed Amendment No. 32 to their Schedule 13D regarding ownership in T-Mobile US. The filing discloses that the reporting entities beneficially own 648,359,244 shares of T-Mobile common stock, representing 57.1% ownership of the company.

The beneficial ownership consists of:

• 588,064,579 shares held directly by Deutsche Telekom Holding B.V.
• 33,043,108 shares held by SoftBank's Project 6 LLC (subject to proxy)
• 27,251,557 shares held by SoftBank's Project 9 LLC (subject to proxy)

A significant transaction was reported where Project 9 sold 21,500,000 shares in an unregistered block sale on June 17, 2025. Deutsche Telekom maintains voting control through proxy rights over SoftBank's holdings while disclaiming beneficial ownership of shares held by Project 6 and Project 9 that are not subject to the proxy agreement.

Positive

• Deutsche Telekom maintains majority control with 57.1% ownership of T-Mobile US through direct holdings and voting rights
• Deutsche Telekom's strong control position (648.3M shares) provides strategic stability for T-Mobile US

Negative

• SoftBank subsidiary Project 9 sold 21.5M shares in an unregistered block sale, potentially indicating reduced confidence from a major shareholder

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 32)

T-Mobile US, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

872590104

(CUSIP Number)

Dr. Axel Lutzner, VP DT Legal
Deutsche Telekom AG, Friedrich-Ebert-Allee 140
Bonn, 2M, 53113
49-228-181-0

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/17/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 872590104

1

Name of reporting person

Deutsche Telekom AG

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 648,359,244.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 588,064,579.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

648,359,244.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

57.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 872590104

1

Name of reporting person

T-Mobile Global Zwischenholding GmbH

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 648,359,244.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 588,064,579.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

648,359,244.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

57.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 872590104

1

Name of reporting person

T-Mobile Global Holding GmbH

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 648,359,244.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 588,064,579.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

648,359,244.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

57.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 872590104

1

Name of reporting person

Deutsche Telekom Holding B.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NETHERLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 648,359,244.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 588,064,579.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

648,359,244.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

57.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: T-Mobile US, Inc.
(c)	Address of Issuer's Principal Executive Offices: Friedrich-Ebert Allee 140, Bonn, GERMANY , 53113.
Item 1 Comment: This Amendment No. 32 (this "Amendment No. 32") to the Schedule 13D filed with the U.S. Securities and Exchange Commission (the "Commission") on May 10, 2013, (as amended and supplemented from time to time, this "Schedule 13D"), is being filed by Deutsche Telekom AG, a stock corporation (Aktiengesellschaft) organized under the laws of the Federal Republic of Germany ("Deutsche Telekom"), T-Mobile Global Zwischenholding GmbH, a limited liability company (Gesellschaft mit beschrankter Haftung) organized under the laws of the Federal Republic of Germany and a direct wholly owned subsidiary of Deutsche Telekom ("T-Mobile Global"), T-Mobile Global Holding GmbH, a limited liability company (Gesellschaft mit beschrankter Haftung) organized under the laws of the Federal Republic of Germany and a direct wholly owned subsidiary of T-Mobile Global ("T-Mobile Holding"), and Deutsche Telekom Holding B.V., a limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands and a direct wholly owned subsidiary of T-Mobile Holding ("DT Holding" and, together with Deutsche Telekom, T-Mobile Global and T-Mobile Holding, the "Reporting Persons", and each, a "Reporting Person"), pursuant to Section 13(d) of the Exchange Act, and Rule 13d-2(a) thereunder, with respect to the shares of common stock, par value $0.00001 per share (the "Common Stock"), of T-Mobile US, Inc., a Delaware corporation (the "Issuer" or "T-Mobile"). Except as set forth below, all Items of this Schedule 13D, as amended prior to the date hereof, are materially unchanged. Capitalized terms used in this Amendment No. 32 and not otherwise defined shall have the respective meanings assigned to such terms in this Schedule 13D. Deutsche Telekom disclaims beneficial ownership in any Common Stock held by Delaware Project 6 L.L.C. ("Project 6") and Delaware Project 9 L.L.C. ("Project 9"), each a wholly-owned subsidiary of SoftBank Group Corp. ("SoftBank"), if such Common Stock is not subject to the Proxy.
Item 5.	Interest in Securities of the Issuer
(a)	This Item 5 is hereby amended and supplemented as follows: The information contained in the cover pages of this Schedule 13D is incorporated herein by reference. As of the date hereof, the Reporting Persons beneficially own, in aggregate, 648,359,244 shares of Common Stock consisting of (i) 588,064,579 shares of Common Stock held by DT Holding, (ii) 33,043,108 shares of Common Stock held by Project 6 and subject to the Proxy and (iii) 27,251,557 shares of Common Stock held by Project 9 and subject to the Proxy, representing 57.1% of the shares of the Common Stock outstanding as of April 17, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Commission on April 24, 2025. The number of shares of Common Stock held by Project 6 and Project 9 is based solely on the information contained in the Schedule 13D filed by, among others, SoftBank, Project 6 and Project 9, as set forth in Schedule B.
(b)	Same as (a) above.
(c)	On June 17, 2025, Project 9 sold 21,500,000 shares of Common Stock in an unregistered block sale transaction. The description of the transaction in the immediately preceding sentence is based solely on the information contained in the Schedule 13D filed by, among others, SoftBank, Project 6 and Project 9. Except as previously reported on this Schedule 13D or as set forth in Exhibit 65, to the best knowledge of the Reporting Persons, none of the Reporting Persons has effected any transaction in Common Stock in the 60 days preceding the date hereof.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.B - Schedule B Exhibit 99.65 - TRANSACTION INFORMATION

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Deutsche Telekom AG

Signature:	/s/ Christoph Appel
Name/Title:	Christoph Appel / Attorney-in-fact
Date:	06/20/2025

T-Mobile Global Zwischenholding GmbH

Signature:	/s/ Christoph Appel
Name/Title:	Christoph Appel / Attorney-in-fact
Date:	06/20/2025

T-Mobile Global Holding GmbH

Signature:	/s/ Christoph Appel
Name/Title:	Christoph Appel / Attorney-in-fact
Date:	06/20/2025

Deutsche Telekom Holding B.V.

Signature:	/s/ Christoph Appel
Name/Title:	Christoph Appel / Attorney-in-fact
Date:	06/20/2025

FAQ

What is Deutsche Telekom's ownership percentage in TMUS as of June 2025?

According to the Schedule 13D/A filing, Deutsche Telekom and its subsidiaries beneficially own 648,359,244 shares of T-Mobile US (TMUS) common stock, representing 57.1% of shares outstanding as of April 17, 2025.

How many TMUS shares does Deutsche Telekom directly control through DT Holding B.V.?

Deutsche Telekom Holding B.V. directly holds 588,064,579 shares of TMUS common stock, while the remaining beneficial ownership comes from voting rights over shares held by SoftBank subsidiaries through proxy agreements.

What was the latest transaction disclosed in TMUS's Schedule 13D/A filing?

On June 17, 2025, Project 9 (a SoftBank subsidiary) sold 21,500,000 shares of TMUS common stock in an unregistered block sale transaction. These shares were subject to Deutsche Telekom's voting proxy.

How is Deutsche Telekom's voting power in TMUS structured?

Deutsche Telekom has sole voting power over 648,359,244 TMUS shares, which includes 588,064,579 shares held by DT Holding B.V., plus 33,043,108 shares held by Project 6 and 27,251,557 shares held by Project 9 (SoftBank subsidiaries) through proxy agreements.