October 2026
Largest Telecom Service Providers Public Companies in the UK
Benchmark revenue and EBITDA valuation multiples for public comps like
Vodafone, BT Group, Airtel Africa, Zegona Communications and Liberty Global.
 | Vodafone operates mobile and fixed-line networks and businesses across Europe, Africa, and the Middle East. Its largest market is Germany, where it is the second mobile operator after Deutsche Telekom and owns two cable network after acquiring Kabel Deutschland in 2013 and Liberty Global Germany in 2019. In the UK Vodafone merger with CK Hutchison in 2024, consolidating the mobile market. It also divested its Spanish and Italian divisions in that same year, given their low returns on invested capital. | $2 | +34% | $38B | $89B | 1.9x | 4.8x | ||
| BT Group is the incumbent telecommunications operator in the UK. BT is the owner of Openreach, the largest fixed-line network in the country. Openreach operates as a separate entity due to regulatory requirements but is still 100% owned by BT. Openreach has accelerated its fiber investments and expects to have 90% of the UK covered with FTTH by 2026. In the consumer division, BT has approximately 30% market share in broadband and mobile services. The enterprise segment serves large corporations while the global services division provides communications consultancy services. | $3 | +14% | $27B | $55B | 2.1x | 5.7x | ||
| Airtel Africa PLC is engaged in providing affordable and inventive mobile services. The principal activities of the company principally consist of the provision of telecommunications and mobile money services. The company's segment includes Nigeria mobile services; East Africa mobile services; Francophone Africa mobile services; Mobile money. It generates maximum revenue from the East Africa mobile services, which comprises mobile service operations in Uganda, Zambia, Kenya, Tanzania, Malawi and Rwanda. | $4 | +4% | $14B | $20B | 3.1x | 6.1x | ||
| Zegona Communications PLC is an integrated telecommunications provider of broadband, mobile and TV services and products in Spain, delivering voice, data and other value-added services. The Group serves both business-to-consumer and business-to-business markets with a diversified customer base. The Company's objective is to invest in businesses in the European Telecommunications, Media and Technology sector and improve their performance to deliver attractive shareholder returns. | $23 | +43% | $5.2B | $10B | 2.5x | 5.5x | ||
| Liberty Global is an international telecommunications and investment holding company with headquarters in London, Amsterdam and Denver, incorporated in Bermuda since November 2023. It was formed in 2005 through the merger of Liberty Media International and UnitedGlobalCom; John Malone is chairman emeritus and Mike Fries chairman and chief executive. Its Liberty Telecom platform owns or co-owns broadband, video and mobile operators in Europe: Virgin Media O2 in the UK, a 50% joint venture, VodafoneZiggo in the Netherlands, Telenet in Belgium and Virgin Media Ireland; it spun off Swiss operator Sunrise in November 2024. These businesses serve about 80 million fixed and mobile connections and generate about $22 billion of aggregate revenue, of which roughly $4 billion is consolidated, earned mainly from monthly subscriptions paid by households and businesses. Its Liberty Growth arm holds a portfolio of about 70 companies and funds valued at $3.4 billion, including stakes in Formula E and ITV. Liberty Global's shares trade on Nasdaq. | $8 | -29% | $2.7B | $9.6B | 2.0x | (1.7x) | ||
| Gamma Communications PLC is a supplier of Unified Communications as a Service (UCaaS) in the United Kingdom and other markets, supplying communication solutions directly and via its network of trusted channel partners. The company offers various products across categories including Unified Communications, Voice Enablement, and Connectivity. The company also offers cybersecurity and managed enterprise solutions. Its operating segments are Gamma Business, Gamma Enterprise, Europe, and Central Functions. The majority of the company's revenue is generated from the Gamma Business segment which sells its products to smaller businesses in the UK. Geographically, the company generates a majority of its revenue from the United Kingdom and the rest from Europe. | $15 | +12% | $1.3B | $1.3B | 1.6x | 7.7x | ||
| Telecom Plus PLC is a UK Based telecommunications and utilities company that provides mobile services, fixed-line services, Internet services, and gas and electricity services. The company generates maximum revenue from Electricity services. Its main income streams from the provision of fixed-line telephony, broadband, mobile telephony, gas and electricity services, and transactions. | $12 | -49% | $905M | $1.1B | 0.4x | 5.4x | ||
| Maintel Holdings PLC provides communication solutions to mid-market and enterprise businesses, either on-premise or cloud-based. The company's service portfolio comprises unified communications, contact center solutions, document solutions, workforce optimization, local and wide area networking and security, mobile, and voice services, and managed print services. The company organizes its operations into three business segments, namely Managed service and technology; Network services, and Mobile services. It derives maximum revenue from the Managed service and technology segment. Geographically, it operates in the United Kingdom, the European Union, and the Rest of the world. | $1 | -57% | $15M | $47M | 0.4x | 7.3x | ||
| Median | $6 | +8% | $4B | $9.8B | 2.0x | 5.6x |
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