Q3 2025

Telecom M&A Update

In Q3, the State Street SPDR S&P Telecom ETF increased by 19.2% and outperformed a 7.9% increase in the S&P over the same period.
The median EV/EBITDA multiple for reported strategic deals in the Telecom sector decreased to 3.1x in YTD 2025 from 6.8x in 2024, while no private equity EV/EBITDA multiples were reported during the period.
M&A deal volume in the sector increased 15.4% in Q3 to 60 deals from 52 deals in Q2, but decreased 17.8% from 73 deals in Q3 of the prior year.
Europe was the most active region in Q3 with 26 deals. Most notably in Europe was Cohen Circle’s $2.2 billion acquisition of Kyivstar, a Ukrainian mobile network operator offering wireless connectivity and digital services to consumers and enterprises, in August 2025.
Total capital invested in M&A transactions increased 41.2% in Q3 to $13.7B from $9.7B in Q2, primarily due to Uniti Group’s $3.5 billion acquisition of Kinetic, an Arkansas-based provider of managed communication services, in August 2025.