Federico Torri

Federico's expertise lies in business planning and assessment of strategic alternatives. His project experience spans more than 25 markets.

Since joining Analysys Mason in 2010 as a consultant, Federico has advised operators, regulatory authorities, infrastructure providers and investors on transactions (M&A, joint ventures, debt financing), strategy (spectrum valuation, business plan reviews) and regulatory/competition matters (litigation, cost models).

Examples of projects which Federico has led include the following:

  • Conducting an independent review of fixed network capex based on a detailed re-assessment of key investment drivers and norms/rules against desired customer experience and market positioning
  • Managing multiband spectrum valuations (3 countries) on behalf of a major telecoms group to support its decision on spectrum acquisition, featuring: 10 spectrum bands, thousands of scenarios, 2G/3G/4G modelling, refarming and network switch-off, network sharing and commercial valuation
  • Advising an incumbent operator (part of a large European group) on developing arguments in the context of EC proceedings on possible competitive implications deriving from its MORAN/MOCN sharing agreement
  • Advising the national regulatory authority of Mexico on defining the regulatory framework for tendering 90MHz of spectrum in the 700MHz band to investors interested in rolling out a nationwide 4G wholesale-only network
  • Managing the buy-side due diligence for the acquisition of a majority stake in Telekom Srbija, an incumbent with operations in three countries, on behalf of an incumbent operator in the Balkan region
  • Managing the technical due diligence of SBB/Telemach on behalf of a leading private equity company, leading to the successful acquisition of the cable operator
  • Leading a business-planning assignment for the merger of the third and fourth mobile operators in Russia (80+ regions), which included extensive synergy evaluation
  • Reviewing the three-year strategic plan of Telecom Italia on behalf of the largest independent shareholder to promote long-term sustainability
  • Leading the technical business planning and due diligence for the acquisition of a telecom incumbent with operations in five emerging markets, on behalf of a large international telecoms Group
  • Managing different assignments on behalf of Metroweb and its shareholders, the largest dark fibre operator in Italy incl. sell-side due diligence, review of wholesale contracts in the context of an MFN clause, business planning and strategic scenarios
  • Managing the development of a complex bottom-up LRIC model to support an incumbent operator in an EU5 country in the definition of its NGA regulatory positioning and strategy.
  • Advising a growing MNO challenger in a major EU5 market in developing its mid- to long-term spectrum strategy, considering several strategic alternatives/options including national roaming (vs. coverage extension), network sharing (MORAN/MOCN), inorganic opportunities (M&A), refarming/switch-off and 5G deployments
  • Managing a 5G spectrum valuation on behalf of a major incumbent operator to support its decision on spectrum acquisition (specific focus on 3.4–3.8GHz frequencies)
  • Advising an incumbent operator in CEE in developing its positioning in the context of EC proceedings on possible competitive implications deriving from network-sharing agreements (MORAN) including development of counterfactual scenarios and quantification of pass-on to consumers
  • Supporting a major mobile operator (resulting from the merger of the third and fourth operators) in assessing the feasibility of releasing spectrum/frequencies to a new entrant as part of its response to remedies imposed by the EC as a condition of approving the merger
  • Advising a major EU5 media player in entering the fixed broadband market including business planning/valuation, commercial and technical strategy assessing a number of strategic scenarios
  • Advising a major EU5 media player in assessing new (potential) telecoms entrants’ valuations for sports rights acquisition, considering a mix of commercial, technical and regulatory constraints

Federico holds an M.Sc. in Economics from Bocconi University in Milan (Italy). He also studied finance at the Universidad de Belgrano in Buenos Aires (Argentina).