Shares of T-Mobile (TMUS) - Get Report are climbing 2% Monday after analysts at J.P. Morgan say the likelihood of a merger has increased dramatically. 

Many investors speculate a deal between T-Mobile and Sprint (S) - Get Report could get done, but the analysts also say Dish Network (DISH) - Get Report , a cable company or a non-U.S. company could buy it, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

Keep in mind, Deutsche Telekom (DTEGY) is a majority shareholder in T-Mobile. 

While a tie-up for T-Mobile is attractive, it's certainly not a layup, Cramer reasoned. Many investors think that because of a deregulated business environment, mergers will be easier to come by. That's not necessarily the case though. 

However, even if a deal doesn't work out with T-Mobile, the fundamentals are great, he added. The earnings and cash flow are strong, so investors who buy the stock today likely won't get crushed should a deal fail to materialized. 

When M&A is on the table, the company has to have good fundamentals to back it up. In this case, T-Mobile has just that, Cramer concluded. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.