Deutsche Telekom is considering spinning off or launching an IPO for T-Mobile, its U.S. wireless business, the Wall Street Journal reports.

According to “people familiar with the matter, the move would be to “assuage” DT holders who are “disenchanted” with the performance of the German telco’s stock, the Journal says.

The report notes that Deutsche Telekom is historically risk averse and could decide not to proceed.

Several years ago, the company began preparing an IPO for the entire T-Mobile unit, which includes wireless operators across Europe. It ultimately quashed the plan, according to the report.

The most likely scenario, according to the sources, is to sell a 20 percent stake and keep the rest.