European Telecoms Reviewing the draft new EU merger guidelines. A catalyst for broad-based Telco consolidation?

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European Telecoms Reviewing the draft new EU merger guidelines. A catalyst for broad-based Telco consolidation?

J P M O R G A N Europe Equity Research

19 May 2026

European Telecoms

Reviewing the draft new EU merger guidelines. A

catalyst for broad-based Telco consolidation?

Last month the EC published its long awaited draft of the new EU merger European Telecommunication

guidelines (here), which once adopted, will represent the most significant reform Services

of European merger controls in over 20 years. Reviewing the ~100 page draft, we Akhil Dattani AC

argue it could represent a paradigm shift, that paves the way for pan-European (44-20) 7134-4725

Telco consolidation, supporting the digitalisation of Europe, and simultaneously akhil.dattani@jpmorgan.com

lifting industry returns to above cost of capital. Looking across the sector, key plays J.P. Morgan Securities plc

on the theme of in-market consolidation remain Orange (AFL), Bouygues (+ve Ankur Baheti, CFA

CW), BT (AFL), TI (NR), Tele2 (OW), United Internet (not covered), and Zegona (91-86) 5796-8820

ankur.baheti@jpmchase.com

(not covered). J.P. Morgan India Private Limited

Ajay Soni

Change is needed: We have long argued Telco regulation: (1) Inadequately (44-20) 3493-8462

compensates investment risks, (2) Stifles innovation and disadvantages European ajay.soni@jpmorgan.com

operators vs global peers, (3) Is applied inconsistently across the TMT value chain, J.P. Morgan Securities plc

benefiting companies that, from a societal standpoint, seem least deserving. Whilst

Specialist Sales contact details:

we acknowledge: (i) Green shoots of change across spectrum policy, and fibre

regulation, (ii) Draghi’s “Future of European competitiveness” report, these alone Scott Silver - Specialist Sales -

European TMT