JP Morgan believes that there is about a 90% chance that T-Mobile could be involved in a merger with Sprint or a cable company within the next five years. This is largely due to President Trump's likely more merger-friendly administration that is being put in place right now. While JP Morgan is pretty certain that Sprint would at least be likely to pick up T-Mobile, Dish Network or a foreign company could acquire T-Mobile - after all, a foreign company already owns a controlling stake in T-Mobile, which is the German-based Deutsche Telekom.
For those in the US that want to see a bit more competition in the wireless space, a merger between the SoftBank-owned Sprint and T-Mobile is the most interesting. Sprint had tried to pick up T-Mobile a few years ago under the Obama Administration, but regulators were having none of it, which led to Sprint deciding to drop proposing a deal to Deutsche Telekom and ultimately replaced their CEO to start the rebuilding process. Since then, T-Mobile has outgrown Sprint, becoming the third largest carrier in the US, and thus their valuation has also increased. Analysts have stated that Sprint would need to spend upwards of $90 billion to pick up T-Mobile as it stands today. Which is nearly four times what they were looking to pay just a few short years ago.
However, there are other options for T-Mobile to be purchased by a cable company like Dish Network, Comcast or Charter. Dish Network seems to be the most plausible since they already have a pretty large amount of wireless spectrum, which they currently aren't using. And if they pick up T-Mobile, they'll be able to use that spectrum and help improve T-Mobile's network a bit more. Not to mention the fact that Dish Network's Charlie Ergen has wanted to get into the wireless business for quite some time. Now with a new FCC, Department of Justice and lots of other new faces in Washington, it's going to be interesting to see what happens with T-Mobile in the next few years. While JP Morgan does think that they will be acquired and merged with someone else, there's also the possibility that Deutsche Telekom keeps them, seeing as T-Mobile US is their most profitable subsidiary currently.