Q4 2025

Telecom M&A Update

In Q4, the S&P Telecom ETF increased by 7.8% and outperformed a 2.0% increase in the S&P over the same period.
The median EV/EBITDA multiple for reported private equity deals in the Telecom sector increased to 6.9x in 2025 from 2.5x in 2024, and decreased for strategic deals to 3.6x from 6.8x in 2024.
M&A deal volume in the sector increased 75.0% in Q4 to 105 deals from 60 deals in Q3, and increased 64.1% from 64 deals in Q4 of the prior year.
Europe was the most active region in Q4 with 45 deals. Most notably in Europe was Bharti Space’s $1.6 billion private investment in public equity (PIPE) in Eutelsat Communications, a French commercial satellite provider, in December 2025.
Despite an increase in volume, total capital invested in M&A transactions decreased 43.8% in Q4 to $7.7B from $13.7B in Q3 primarily due to a shift in mix toward smaller sized transactions in Q4.