Fixed–mobile mergers and acquisitions: case studies and analysis

11 January 2021 | Research

Case study | PPTX and PDF (18 slides) | Fixed–Mobile Convergence

"Most operators profiled have realised annualised cost-related synergies of 10–15% of the combined pre-M&A EBITDA."


Operators offering both fixed and mobile services have started to bundle and cross-sell parallel services through fixed–mobile convergence (FMC) offers, thereby putting pressure on standalone operators. This has led to a wave of consolidation across Europe in order to preserve revenue and realise cost-related synergies.

Key questions answered in this report

  • What is the rationale behind M&A between predominantly fixed and predominantly mobile operators?
  • What are the main cost and revenue synergy expectations that operators have after fixed–mobile M&A?
  • How have operators marketed their consumer propositions after M&A?
  • How has performance been affected by M&A?

Companies profiled

  • BT/EE (UK)
  • VodafoneZiggo (Netherlands)
  • Deutsche Telekom/Liberty Global (Austria)
  • Tele2/Com Hem (Sweden)
  • Vodafone/Liberty Global (Czech Republic, Germany, Hungary and Romania)


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