• Across datacentres, fibre, towers & emerging adjacencies, where are investors seeing the strongest risk-adjusted returns? And where is capital becoming harder to justify?
• How are EBITDA multiples diverging within distinct asset classes? And why?
• Which business models can still attract investment ahead of cashflow?
• Where will risk concentrate? And which asset classes and geographies look most exposed?
• How are equity process being delayed or derailed by debt processes?
• How are investors adapting to longer hold periods and more limited exit routes?
• Where are the best returns likely to come from over the next 12-24 months?
• Which deal structures are we saying goodbye to? And which will we be seeing more of in the next 12 months?
• Which market development would most materially change investment conviction in 2027?

Do you have a landmark transaction, financing innovation or strategic initiative to spotlight at TMT Finance Europe 2027? This Keynote offers a platform to deliver your message to the region’s most active dealmakers.

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Digital infrastructure M&A in Europe has rebounded, but the headline recovery masks a more concentrated market, with activity clustered around fewer, larger transactions. As deal sizes rise, bringing the right assets together with the right capital is becoming more complex. Datacentres continue to drive momentum, whilst fibre, towers and telecoms transactions remain more dependant on strategic fit and balance sheet capacity. The session will explore:

• Is an increase in deal value evidence of a healthier M&A market or just greater concentration around a limited number of premium assets?
• As platforms outgrow bilateral sales, which routes can best deliver liquidity? 
• Will we see more consortium deals, minority stake processes, CVs, recapitalisations or IPOs?
• Are closed-end funds increasingly misaligned with the capital requirements and horizons of large platforms?
• Where are the biggest valuation gaps? And what will distinguish the assets that transact over the next 12-24 months from those that don’t?

• Can the current breadth of bank appetite be sustained as the pipeline grows?
• Which recent financings offer the strongest evidence that the market can successfully absorb development risk and structural complexities?
• What is the optimal route from construction debt to permanent capital? And to whom should each layer of risk be apportioned along the way?
• What terms and protections must be designed into a construction facility to preserve ABS, bond, insurance or private placement optionality?
• Where can private credit, pref equity, HoldCo and mezz debt solve for risks that senior bank capital cannot?
• Which risks are currently mispriced, and where is repricing likely to happen first?
• Will risk-transfer trades become a genuine source of new lending capacity?

• 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?

• Is a Neocloud fundamentally a GPU capacity trade, or a durable infrastructure platform? and where does the real economic moat sit: the platform itself, access to power, or something else once GPU scarcity eases?
• Are Neoclouds ultimately enabling Hyperscalers to build faster, or creating businesses that could eventually compete with them?
• Does the size and flexibility of the balance sheet ultimately determine who can scale and compete in compute?
• How much customer concentration can investors accept, and is there an investable case for a Neocloud without a hyperscale tenant?
• With concerns emerging around Neocloud tenancy in recent transactions, are European investors more cautious than their US counterparts? And what can operators do to get investors comfortable with the risk?

• Are the contract challenges emerging in Italy and Spain isolated negotiations, or the start of a wider telco strategy?
• Which contractual protections preserve value when renewals are challenged?
• How credible are BTS, network sharing and RANCo alternatives?
• How will telco consolidation affect tenancy and negotiating power?
• Has the valuation reset gone far enough to create an attractive entry point for new buyers? And where can investors find the strongest returns?
• Can indoor, small cell and distributed edge infrastructure become a new growth engine?

• What turns powered land into a platform with enterprise value?
• Which regional portfolios and emerging locations offer genuine potential? And how are buyers pricing connectivity, customer mix, execution capability and alternative use?
• What is the quickest route to scale?
• Where do acquisitions, minority investments and recapitalisations offer the strongest entry points?
• Which development and ownership structures have created the strongest platforms so far, and what can be learned from those that failed to scale?
• How are sponsors funding successive phases of development whilst retaining exposure to long-term platform growth?

• Where do USPP, Euro PP, institutional club debt and Rule 144A differ? And what drives an issuer’s choice between them?
• Which assets and parts of the capital structure can support 15-25 year institutional debt?
• How important are public ratings, private letter ratings and NAIC designation? And could current regulatory scrutiny change investor appetite?
• How are bank and private placement debt being combined?
• What could be the trigger in 2027 – more datacentre transactions, tighter bank capacity, the refinancing wall or something else?

• Are investors underestimating connectivity as a constraint on new datacentre development?
• Which AI traffic is actually addressable by wholesale fibre operators?
• Which European corridors are emerging with contracted orders v. forecasted demand?
• What is being valued most: the fibre itself, the route, the customer contracts, the service layer or the wider platform?
• Is dark fibre back? And where does it produce superior infrastructure economics?
• Is there sufficient asset scale and contract consistency to replicate US fibre ABS?
• If mature B2B fibre can raise long-term institutional debt, why has the equity market struggled to establish a valuation floor? And when will B2B fibre reprice?

• What will distinguish the FTTH platforms able to refinance from those requiring additional equity, restructuring or consolidation? And where are the success stories?
• How are lenders reassessing leverage, pricing, tenor and covenants? And how much strategic flexibility will new financing structures leave borrowers?
• Could securitisation emerge as a meaningful refinancing route for European FTTH, and what will it take for a fibre ABS market to develop?
• Which operating metrics, including take-up, ARPU and wholesale revenues, now matter most to debt providers?
• What will make fibre bankable again?

• Is sovereignty now a high-priority investment filter?
• What does sovereignty require across the digital infrastructure stack? And how are investors distinguishing substantive sovereignty from ‘Europe-hosted’ infrastructure?
• Where can investors capture value across the stack?
• Where are platforms and projects gaining traction? And which investment and partnership structures are translating into executable projects?
• Could European enterprise and public sector customers support senior bank debt, project finance or long-dated institutional capital?
• When considering strategically sensitive infrastructure, what implications arise for underwriting, governance, national security review and exit optionality?

• What distinguishes reserved capacity and milestone-backed grid rights from a genuinely bankable energisation plan?
• How should power rights and connection capex be reflected in valuations?
• Should elements of the energy supply chain sit within the datacentre capital stack or as a separate project financing?
• How are delays and project-on-project risks allocated?
• Can bridge-to-grid and hybrid power solutions support long term infrastructure debt and exit value?
• How will changing grid connection rules and energy performance standards affect risk-adjusted returns across European markets?

• What is bringing assets to market? Sponsor exits, portfolio rationalisations, growth capital requirements or a wider strategy shift?
• Are buyers paying for existing cashflow, connectivity and market positions, or underwriting future expansion and potential to capture some AI demand?
• Which characteristics are the strongest determinators of high valuations?
• Why are some processes proving difficult to execute?
• Will the current pipeline create new, scaled regional champions?

• What must capital structure resets achieve beyond reducing leverage? And are lenders, rather than shareholders, now determining who has the capacity to consolidate?
• What have regulators decided about the acceptable shape and limits of UK fibre consolidation?
• What valuations will be tested in 2027: distressed or lender-controlled network value, profitable retail platform value, or strategic value to national scale networks?
• Which rural and subscale regional network models can remain viable independently?
• How are buyers underwriting integration across networks, customers and operating models?

Do you have a landmark transaction, financing innovation or strategic initiative to spotlight at TMT Finance Europe 2027? This Keynote offers a platform to deliver your message to the region’s most active dealmakers.

Contact us to discuss this opportunity

Exclusively for leaders from the fibre industries and their counterparts in investment, banking and advisory, this focused content and networking session is designed to align shared interests, accelerate partnership discussions and unlock deal opportunities.

Guided roundtable discussion will provide a space to exchange insight on European market financing and M&A, and evolving investor profiles and priorities across FTTX, terrestrial wholesale B2B and subsea fibre. Following this, dedicated, informal networking will deepen connections and continue the conversation.

• How do the investment cases differ across AI training campuses, metro-connected AI and colo, sovereign infrastructure and regional platforms?
• What distinguishes a complete location thesis from a power-led development proposition?
• What happens when the first large training customer leaves? And can assets be re-let and refinanced without the original tenant?
• How are lenders accounting for tenant concentration and residual value differently in tier 2 and 3 markets?
• Is there sufficient lender appetite to clear the required development funding?
• Which projects can progress from development and high-yield capital into lower-cost permanent ownership?
• How do the opportunities and execution risks vary across Norway, Finland, Denmark and Sweden?