Daily Fibre: European Telecoms Update

Deutsche Bank's telecom update highlights M&A interest in Gamma Communications and BT's potential divestment of its International unit.

Key Takeaways

• 1.Gamma Communications has been approached by multiple potential acquirers, including Epiris LLP, Oakley Capital, and Providence Equity Partners.
• 2.BT Group is reportedly looking to divest or find a partner for its International business, which is estimated to be worth approximately £0.5bn on a standalone basis.
• 3.Freenet reported significant sales growth of 26% yoy in Q1/26, but group adjusted EBITDA declined by 4% due to costs associated with network operator agreements.

Table of Contents

• KEY EVENTS THIS WEEK
• GAMMA COMMUNICATIONS
• BT GROUP
• FRENCH TELCOS / ORANGE
• ZEGONA
• FREENET
• DB X-CONNECT
• JAPAN TELECOMS
• Important Disclosures
• Analyst Certification

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