Rajiv Datta, CEO of nexfibre, shares his outlook on the UK fibre market, including the challenges and opportunities driving consolidation, how valuation gaps and antitrust concerns are shaping deal activity, key factors influencing lender appetite, and expectations for consolidation through 2026.

• UK fibre market consolidation: challenges and opportunities – 01:22

• Role of financial discipline in consolidation – 02:59

• Antitrust impact on deal valuation – 04:10

• Valuation gaps in fibre deals – 06:47

• Consolidation dynamics: sponsor-led vs forced outcomes – 08:30

• nexfibre’s capital allocation strategy – 10:12

• Lender perspective: underwriting criteria and appetite – 11:52

Laurentiu Prodan, Senior Director, Investments, CVC DIF, discusses European digital infrastructure dealmaking drivers and financing trends for 2026, CVC DIF's acquisition of MANX Telecom and its broader investment strategy.

• Digital infrastructure dealmaking drivers across fibre, datacenters and towers – 00:35   

• European fibre M&A: pricing, fragmentation and value creation – 02:58  

• Acquisition of Manx Telecom: strategic drivers and growth levers – 06:50           

• CVC DIF investment strategy, LP appeal and Adam Ecotech – 07:55   

• Datacentre sub-sectors: risk and return trade-offs – 11:40                       

• EMEA dealflow, regional differences and financing structures – 12:15   

• What separates top-quartile investors – 15:17  

Shuja Khan, CEO of Arqiva, outlines the company’s strategic priorities across terrestrial broadcast, satellite partnerships, and smart infrastructure, along with its outlook following a recent refinancing.

• Arqiva’s strategic priorities and growth opportunities in 2026 – 00:55

• Long-term outlook for terrestrial TV and radio – 02:03

• SES deal and role of satellite – 04:14

• LEO vs GEO and positioning for a multi-orbit future – 05:25

• Outlook for smart metering and utilities infrastructure – 06:36

• £500m refinancing and next investment phase – 09:02

Jim Ryan, SVP and CSO at Liberty Global, discusses M&A and consolidation in European telecoms and towers, Liberty’s capital allocation and portfolio strategy, and the network funding opportunities shaping future investment.

• Towers M&A and consolidation drivers – 00:36
• Liberty Global strategy and capital allocation – 01:32
• European connectivity opportunities – 02:27
• Portfolio focus after UPC Slovakia sale – 03:50
• Defining a “good exit” in smaller markets – 04:40
• Regulation and European consolidation – 05:41
• Funding network upgrades: opportunities and constraints – 07:25

Cédric Foray examines emerging deal hotspots, the recalibration of investor risk and capital strategies, and the next phase of European fibre consolidation.

• Digital infrastructure outlook and deal momentum – 01:12
• Valuation reset and shifting buyer risk priorities – 03:15
• Are carveouts becoming more attractive for value creation? – 05:33
• European fibre rollout, uptake challenges, and consolidation barriers – 08:20
• Priorities for the next digital infrastructure investment cycle – 10:17

Klaus Hoelbling discusses his outlook on the European fibre market today, the performance indicators that differentiate assets for investors, why some fibre markets in Europe are facing more challenges than others and his predictions for the year ahead.

• Macro themes shaping the European fibre market today – 0:33

• Fibre market developments in appetite from 2025 to 2026 - 03:39

• KPIs that distinguish high-quality fibre assets – 04:46

• Barriers to M&A readiness for European fibre investments – 06:24

• Looking ahead: upcoming shifts in the European fibre market – 07:45

Tom Levine discusses shifting investor sentiment in digital infrastructure, capital discipline, fibre consolidation trends and the outlook for dealmaking across European markets.

• Digital infrastructure investment sentiment and sector differentiation – 00:45

• Evolution of private capital and implications for capital allocation – 03:05

• Prudence, cash generation and changing investor risk appetite – 06:42

• Fibre consolidation dynamics and restructuring pressures in the UK – 08:43

• Dealmaking outlook, exits and the next investment cycle – 09:57

Jeremy Chelot highlights growth strategies in UK fibre, financing pressures across altnets, consolidation trends, and the outlook for fibre investors*.

• Organic build vs M&A for UK altnets – 00:36

• Financing conditions and capital-raising challenges – 01:30

• Are current UK altnet debt levels sustainable? – 02:09

• Investor returns and credible exit pathways – 03:33

• Netomnia–Brsk merger, consolidation opportunities, and capital discipline in the next phase – 05:58

*This interview was recorded on Jan 28, 2026 - prior to the announced acquisition of Netomnia by Virgin Media O2.