As we march into the spring, the global telecoms sector’s proving that there’s no rest for the wicked—or the well-funded. From multi-billion-euro power plays in Europe to the long-awaited unwinding of South American legacies, the deal-making machinery is humming at a high frequency.
Whether it’s a ‘lowball’ offer causing a stir in Brazil or a historic merger facing regulatory hurdles in Singapore, this month’s activity confirms that the only constant in telecoms is change. Welcome to the M&A Monthly from TeleGeography’s GlobalComms team, where we track the deals that keep the world connected.(Read last month’s M&A Monthly here.)
Americas
In Brazil, BTG Pactual submitted what was described as a lowball offer for Oi’s stake in fiber infrastructure vehicle V.tal. The sale process was briefly suspended until 30 March, but BTG returned with a revised bid intended to cover 90% of the debt owed to priority creditors.
Elsewhere in Latin America, Claro has been on a shopping spree. In Colombia, it’s lining up a takeover deal for fiber networks owned by Union Temporal Fibra Optica (UTFO) and Azteca Comunicaciones, both of which are owned by Mexico’s Grupo Salinas. Meanwhile, back in Brazil, Claro agreed to pay R$2.4 billion ($457.3 million) for a 73.01% stake in regional ISP Desktop, further cementing its dominant position in the country’s fixed broadband sector.
IFX Networks has expanded its Central American footprint by acquiring Redes Integradas Corporativas (REICO) in Costa Rica.
In the Great White North, Bell Canada has opted to streamline its portfolio, selling its land mobile radio (LMR) business to Motorola Solutions for C$675 million ($485 million), subject to customary adjustments, plus a deferred net working capital settlement; the transaction is expected to close in the fourth quarter of 2026.
South of the border, the fiber market continues to consolidate as GFiber (formerly Google Fiber) and Astound Broadband announced merger plans, promising to create a more formidable challenger to the traditional cable giants. This transaction’s expected to close in Q4 as well.
Europe
The European continent saw some of the month’s heaviest price tags. In Italy, the state-backed Poste Italiane is aiming to take full control of Telecom Italia (TIM) via a massive €10.8 billion ($12.4 billion) share offer. Poste’s looking to buy itself a nationwide fixed and mobile network, secure a leading position in Italy’s cloud and data center infrastructure, and offer ‘secure and sovereign connectivity to businesses, public administrations, and critical infrastructure’ – three things it says, ‘cannot be built from scratch’.
Over in France, the ‘For Sale’ sign on Altice’s XPFibre has attracted bids ranging between €6 billion and €8 billion as Altice owner Patrick Drahi looks to deleverage.
Cross-border consolidation is also on the cards in Spain, where Orange Group is expected to complete its full takeover of the MasOrange joint venture this April.
Meanwhile, the UK market welcomed a new face from the East; Digi Communications took its first steps with the acquisition of WhyFibre, signaling its intent to replicate its European disruptive success on British soil.
Africa
Moves aplenty are afoot in Africa too. On the eastern side of the continent, the COMESA Competition Commission has given the green light for Vodacom Group to increase its stake in Safaricom of Kenya to 55%, strengthening the South African giant’s hold on the region’s most profitable operator.
In Nigeria, the consolidation of the ISP sector continues as Spectranet and Legend Internet seek regulatory approval to merge their operations.
Down in Angola, meanwhile, the government’s privatization drive is gathering pace. The long-anticipated Unitel IPO is now expected by mid-year, while Angola Telecom remains firmly on the privatization list for the 2026 financial year.
Asia
Our monthly round-up finishes in Asia. In Singapore, where there is a bit of a headache for regulators. The IMDA is mulling over the historic merger between M1 and SIMBA Telecom, though the deal is currently bogged down by security concerns and spectrum squabbles. A deadline extension was granted late in the month as the regulatory review continues.
In Pakistan, the market’s one step closer to becoming a three-player game after the PTA greenlit the merger between Ufone and Telenor Pakistan.
In India, the battle for a stake in the debt-laden Vi (Vodafone Idea) continues to draw big names, with TS Telemedia and JSW Group reportedly amongst those eyeing an investment.
We finish back where we started. It was a busy month for Brazil’s Oi, which finally managed to untangle its interests in Southeast Asia. Esperanca Timor-Oan (ETO) has acquired a 57.06% stake in Timor Telecom, allowing Oi to finally exit the business after over a decade of trying, and focus on matters closer to home.
In summary, March has shown us that whether it’s state-backed giants consolidating home markets or regional players seeking safety in numbers, the M&A appetite remains voracious. Will April bring the final signatures for MasOrange and the conclusion of the V.tal saga? We shall see.
Catch more M&A developments from the GlobalComms team next month!
Data on mobile markets, fixed broadband, fixed voice markets, and more
At TeleGeography, we’re the telecom data people— 
the experts from whom industry leaders get their data. You can get more analysis like this (and the data behind it) with a subscription to TeleGeography’s GlobalComms Database.
And with this subscription, you also get daily CommsUpdate emails: a curated telecom news service produced by our team.
