Telco Daily: KPN Fibre, France M&A, Satellites, BT, TIM pricing

Research evidence excerpt

Telco Daily: KPN Fibre, France M&A, Satellites, BT, TIM pricing

Equity Research

9 June 2026

Telco Daily

KPN Fibre, France M&A, Satellites,

BT, TIM pricing

We highlight latest research, news flow and significant

European Telecom Services

observations relevant to our stock coverage across European/ Mathieu Robilliard

CEEMEA Telecoms, and Global Towers/Satellites. +44 (0)20 3134 3288 mathieu.robilliard@barclays.com

BBI, Paris

•• KPN - ACM blocks Glaspoort/DELTA Fiber transaction Maurice Patrick

+44 (0)20 3134 3622

•• French M&A - Conference call answers and remaining questions maurice.patrick@barclays.com

Barclays, UK

•• Cellnex Telecom - Thoughts post France mobile M&A announcement

Ganesha Nagesha

•• Amazon – Update on Leo & Satellite Connectivity +91 (0)22 6175 1712

ganesha.nagesha@barclays.com

•• BT - Remain cautious on challenging revenue outlook Barclays, UK

Maxime Delaugerre

•• TIM - Announces new mobile price increase for prepay customers +44 (0)20 3555 5672

maxime.delaugerre@barclays.com

Detailed stories

KPN - ACM blocks Glaspoort/Delta Fiber transaction

Dutch Authority for Consumers and Markets has prohibited Glaspoort’s proposed acquisition of

around 200k fibre-to-the-home connections from DELTA Fiber. In the ACM ruling (link here), the

competition authority claims that the merger would result in higher prices, less choice and

lower quality of service. Looking at the detail, ACM notes that in the 200k homes area covered by

the proposed transaction, that only two networks would remain post the transaction –

VodafoneZiggo and KPN, and that service providers would be completely dependent on KPN. “If

these kind of independent fibre optic network disappear completely, competition will decrease

permanently because no new network providers are expected to join”.