May 2026
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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 | +44% | $35B | $82B | 1.7x | 4.2x | ||
| 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 | +7% | $27B | $55B | 2.0x | 5.5x | ||
| 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. | $5 | +97% | $17B | $23B | 4.6x | 10.7x | ||
| Zegona Communications PLC is a United Kingdom-based holding company. The company is engaged in operating a network-based telecommunications business. It aims to utilize a Buy-Fix-Sell strategy. The company offers television, broadband internet, mobile telecommunications, and fixed-line telecommunications services to residential and business customers. It is organized into two segments, Central Cost, and Investment in Euskaltel. | $24 | +159% | $5B | $11B | 3.1x | 6.1x | ||
| Liberty Global is a holding company with interests in European telecom companies in the UK, the Netherlands, Belgium, Ireland, and Slovakia. Liberty owns the main cable network in each of these geographies and has pursued a strategy since 2016 to merge or partner with mobile network operators to be able to offer converged services. Liberty also owns minority stakes in other media, entertainment, and cloud companies. | $12 | +19% | $4B | $11B | 2.3x | 9.7x | ||
| 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. | $13 | -13% | $1B | $1B | 1.4x | 6.6x | ||
| 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. | $13 | -50% | $1B | $1B | 0.5x | 6.1x | ||
| Median | $12 | +19% | $5B | $11B | 2.0x | 6.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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