Telco consolidation is gaining prominence in Europe as operators contend with significant network investment requirements and fragmented national markets. VodafoneThree provided a blueprint for clearing a 4-to-3 merger, while live transactions such as sfr point to complex structures involving carve-ups and shared infrastructure, indicating alternative routes to scale beyond full corporate combinations. The key question is whether the resulting network efficiencies, investment capacity and strategic value can outweigh regulatory and integration hurdles and costs. This session will explore:

• Why is 4-to-3 and 3-to-2 consolidation returning now?
• Which types of deal architecture deliver the most efficient route to scale?
• Has VodafoneThree created a repeatable European M&A clearance model? And how will regulation impact integration and the quantum of synergies?
• Does a converged operator need to own fixed infrastructure? And can infrastructure capital participate in the active network layer?
• What is the optimal market end state? And what investment opportunities will be opened up across the wider ecosystem?