Interattivo
Facing unprecedented industry transformation and emerging competitive threats, many telecommunications companies are turning to mergers and acquisitions to add new capabilities and evolve their businesses for the next era. At the same time, in the biggest industry reset since deregulation, the integrated telco is giving way to more disaggregated, narrowly focused business models. We’re tracking telecom M&A activity around the world, and we’ll publish the latest developments in this dashboard each quarter.
Here are some of the key takeaways through the third quarter of 2025.
- Deal value down: After a strong second quarter, global telecom M&A activity slowed considerably in the third quarter. Total value sank from about $49 billion last quarter (buoyed by Charter’s $34.5 billion acquisition of Cox Communications) to just $6.5 billion in the latest. The $72 billion total value year-to-date represents a 34% decrease from the same period in 2024. The Americas account for 85% of the global total so far this year. Big deals are generating the momentum: Of the 54 transactions announced this year, the top five deals represent more than 75% of total value.
- Trends to watch: We anticipate M&A activity to remain stagnant through the end of the year. Macroeconomic uncertainty—including high interest rates, trade and tariff risks, and regulatory challenges—presents major headwinds. In addition, telcos are placing strategic emphasis on AI, fiber networks, software-as-a-service, and asset streamlining.
- Biggest deal: The Charter–Cox deal accounts for almost half of global value so far this year.
- Scale deals lead the way: Scale deals represent 66% of global value year-to-date, up from 56% in the first three quarters of last year. Infrastructure divestments follow with 20% of the global total this year, on par with 19% during the year-ago period.
- Long-term view: Scale deals have accounted for about 43% of all deal value over the past five years, the largest share among deal types. Infrastructure divestments have the second-largest share at 29% during that same period.