OPCORE acquired by INFRAVIA CAPITAL

Telecom operator JT Group (Jersey Telecom), a strategic national asset wholly owned by the States of Jersey, has partnered with private markets investor CVC DIF (the dedicated infrastructure strategy of CVC) to complete the acquisition of Manx Telecom Group. The digital infrastructure platform was acquired from funds managed by Basalt Infrastructure Partners LLP. Originally agreed upon in October 2025, the transaction secured all customary regulatory clearances and successfully closed in May 2026. This landmark consolidation creates the largest full-service telecommunications provider operating across the UK Crown Dependencies of Jersey, Guernsey, and the Isle of Man. The strategic buyout brings together two highly trusted, locally rooted operators to establish a powerful joint platform for international growth and innovation. The partnership with CVC DIF injects institutional capital and deep sector expertise to support long-term infrastructure investment. The combined scale enables the group to accelerate next-generation network upgrades—specifically targeting the commercial expansion of 5G, fiber rollouts, IoT platforms, and sophisticated managed services.

Nexans, a global leader in cable systems and services, has finalized the divestiture of its industrial cables division, Lynxeo, to the French private equity firm Latour Capital. The transaction, completed on June 30, 2025, was valued at an enterprise value of �525 million. This divestment marks a decisive step in Nexans� strategic pivot to become a "pure player" in the electrification sector. By shedding its specialized industrial assets, Nexans aims to simplify its operational model and reallocate resources toward the global energy transition and high-voltage subsea markets.

The transaction combines MASMOVIL and Orange España into a 50/50 joint venture, creating a unified corporate entity trading as MASORANGE. The strategic rationale is heavily rooted in localized market consolidation within a highly mature European telecommunications landscape. By integrating their operations, the two businesses create a combined platform capable of capturing more than €500 million in annual cost and network optimization synergies. The newly formed entity plans to leverage this enhanced financial flexibility to deploy approximately €4 billion in capital expenditure over a three-year post-merger horizon. This investment program will directly fund the accelerated rollout of next-generation 5G mobile technology to cover over 90% of the population, drive the physical expansion of its ultra-broadband fiber-optic network infrastructure, and facilitate the commercial launch of innovative, high-margin ancillary digital services across its expanded nationwide subscriber base.

Orange Romania S.A. (ORO) has successfully completed its corporate merger with Orange Romania Communications S.A. (OROC), fully absorbing the integrated entity into its core operations. This strategic consolidation represents the final corporate milestone following the group's previous acquisition of a controlling stake in the target platform in 2020, effectively establishing a unified, fully convergent telecommunications operator within the region. The transaction’s structural execution focuses on complex operational integration, enabling the combined entity to unify its customer databases and merge legacy IT architectures into a single, cohesive infrastructure network. The investment thesis centers on achieving total asset synchronization and market supremacy within the regional digital services landscape. By legally combining both corporate structures, Orange fully implements its long-term strategy to deploy a seamless, end-to-end mobile and fiber-optic product pipeline. The post-merger strategic rationale targets the elimination of operational redundancies while maximizing cross-selling efficiencies across both the residential and commercial market segments. Backed by a unified technical infrastructure, the consolidated platform is engineered to drive superior customer experiences, scale its high-speed connectivity footprint, and solidify its positioning as the leading provider and preferred choice for fixed-mobile convergent (FMC) services across Romania.

Zegona Communications, an investment platform founded by former Virgin Media executives specializing in European telecommunications, has finalized a definitive agreement to acquire 100% of Vodafone Spain from the British Vodafone Group. The divestment thesis marks Vodafone Group’s complete strategic exit from the Iberian market, following a string of asset rationalizations including its recent corporate consolidation with Three UK and the €1.8 billion sale of its Hungarian business. Driven by structural underperformance and an intense domestic price war, Vodafone Group prioritized capital reallocation away from low-yield regions. Furthermore, the strategic rationale was accelerated by the looming merger between domestic rivals Orange and Masmovil, which threatened to severely dilute Vodafone's market share. Under the post-closing operational framework, Zegona Communications will leverage its sector expertise to steer the current number-three Spanish operator, utilizing a 10-year exclusive brand-licensing agreement to maintain commercial continuity under the trusted Vodafone banner.

Koesio has acquired 100% of Alcatraz IT, marking the full exit of Siparex Entrepreneurs (via its Capital Entrepreneurs 5 fund) and the founder, Xavier Lafaure. Siparex had been a minority shareholder since 2021, during which time it supported the company's expansion into the Lille market and the development of proprietary fiber infrastructure. The transaction allows Alcatraz IT to integrate into a larger industrial group to accelerate its next growth phase. For Koesio, this acquisition strengthens its telecommunications pillar by incorporating Alcatraz IT’s proprietary network assets and high-loyalty premium customer portfolio. The company was projected to reach a turnover of €6 million at the time of the sale.

4iG and the Hungarian State have finalized a definitive agreement to acquire 100% of Vodafone Hungary, executing a major, market-consolidating corporate buyout within the Central and Eastern European telecommunications sector. The transaction was structured via a joint acquisition vehicle, under which the Hungarian State acquired a 49% equity stake in the operator, alongside 4iG. Backed by experienced financial and legal advisors who provided strategic transaction services, the corporate combination successfully received full clearance from the relevant regulatory authorities before closing. 4iG and the Hungarian State have finalized a definitive agreement to acquire 100% of Vodafone Hungary, executing a major, market-consolidating corporate buyout within the Central and Eastern European telecommunications sector. The transaction was structured via a joint acquisition vehicle, under which the Hungarian State acquired a 49% equity stake in the operator, alongside 4iG. Backed by experienced financial and legal advisors who provided strategic transaction services, the corporate combination successfully received full clearance from the relevant regulatory authorities before closing.

Ardian agreed to acquire a majority stake in Aire Networks from Magnum Industrial Partners. As part of the transaction, the core management team re-invested significantly alongside Ardian to maintain a meaningful equity stake. The strategic objective of the partnership is to support Aire Networks in its next phase of growth, focusing on the expansion of its national fiber footprint and the enhancement of its specialized cloud and data center service offerings. This deal allows Ardian to consolidate its position in the Iberian telecommunications sector, leveraging synergies in expertise within the digital infrastructure landscape.

A tier-one private equity consortium composed of Apax Partners LLP and Warburg Pincus LLC has entered into a definitive agreement to acquire 100% of T-Mobile Netherlands Holding B.V. from Deutsche Telekom AG and Tele2 AB. The transaction perimeter encompasses T-Mobile's highly successful multi-brand portfolio, which includes the T-Mobile, Tele2, Ben, and Simpel commercial brands. Facilitated by elite financial advice from Credit Suisse and Liontree, alongside premium legal counsel from Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett, the transaction remains subject to customary closing conditions, regulatory approvals, and mandatory employee representative consultations. The investment thesis represents a classic large-scale, sponsor-led TMT platform buyout, meticulously designed to transition the company into a fully independent Dutch corporate entity. Under its current executive team, led by CEO Søren Abildgaard, T-Mobile has established absolute mobile network leadership in the Netherlands, notably pioneering the country’s first unlimited and nationwide 5G offering while simultaneously scaling into the fastest-growing operator in the fixed broadband market. Drawing upon both firms' extensive global track records in digital infrastructure and communications services—including previous joint-venture deployments like Inmarsat—the consortium will inject substantial institutional growth capital. The upcoming corporate roadmap prioritizes massive capital expenditure into next-generation networks, the rapid expansion of its fiber-to-the-home (FTTH) customer base, and the commercial rollout of innovative digital services. This institutional intervention is engineered to preserve the company's network supremacy, optimize service quality, and fortify its competitive positioning as a market-leading convergent powerhouse.

Capza acquired a majority stake in Wifirst following a competitive process led by Hottinguer CF. The historical investors from the 2019 spin-off (Amundi PEF, Bpifrance, Socadif) sold part of their shares but reinvested to keep a minority stake alongside the CEO. The transaction is supported by a unitranche financing facility provided by Ares Management. The deal aims to fuel external growth in Europe.