Exactly. No one knows. It may be more of a merger. From Businessweek:
Deutsche Telekom’s supervisory board is scheduled to meet in Bonn tomorrow to approve a deal, and the company may make an announcement the same day, the people said, asking not to be identified because the plan is confidential. The transaction will involve multiple steps including a stock swap that would give the German company majority ownership of the combined entity, said one of the people.