The potential for a merger between Sprint and T-Mobile is tenuous at best, but a recent move by T-Mobile’s parent company might signal that the two wireless carriers are considering giving it a try anyway. Re/code came across a regulatory filing on Thursday which states that Deutsche Telekom has reorganized its U.S. holdings, moving them from Germany to a wholly owned subsidiary in the Netherlands. According to BTIG Research analyst Walter Piecyk, holding a stake in the Netherlands can be very “tax-efficient” for a company looking to sell its assets.

Deutsche Telekom quickly denied that it has any plans to sell its stake in T-Mobile, telling Re/code that the transaction “does not affect the actual stake in the companies. And there is no connection at all to any possible M&A moves.” Whether or not Deutsche Telekom is being completely forthright regarding its intentions, the merger or sale of a major wireless carrier would be saddled with regulatory discussion almost instantaneously.