"Doesn't Google want to be all things?" Cramer asked on CNBC Friday morning. "They are the ultimate cloud play, social play, mobile play, and advertising play with their ad exchanges. They're a very forward-looking company."
But do they want to be a telecom play? They've actively been involved in Federal Government spectrum auctions since 2007, the process by which licenses are granted to transmit signals over scarce electromagnetic wavelengths.
Google already has Motorola Mobility, a handset manufacturer, in its portfolio. If Google bought an operator, not only could it expand its nascent Google Fiber business, it could have a hand in each step of a user's connected life, from phone to PC and everything in between.
A buy-out wouldn't be impossible. T-Mobile's market value is 5% of Google's $345.6 billion valuation. By the third-quarter of 2013, Google had $56.52 billion in cash and cash equivalents. Absorbing the U.S.'s fourth-largest mobile provider would take up a significant amount of the company's cash, but not all of it.
Shares of T-Mobile were in flux throughout Friday trading after the company priced its secondary offering at $25 a share, 2% below Thursday's closing price and 10% lower than where it was trading at the beginning of the week.
T-Mobile sold 66.15 million shares during the offering, representing around 9% of total shares outstanding. T-Mobile will raise $1.65 billion in capital, and is expected to be funneled into a bid for more spectrum. Increased spectrum would allow T-Mobile to boost network coverage and capacity to offer a faster and more reliable service.