VodafoneThree Acquisition & Valuation

HKT Trust and HKT Ltd is a triple-play telecommunications provider that operates through three segments, telecommunications services, mobile, and Other businesses. Telecommunication services are the larger business segment and generates revenue by providing technology and telecommunications and related services including enterprise solutions, total home solutions, healthtech services, and media entertainment. The Mobile segment represents mobile telecommunications businesses in Hong Kong, and the other segment comprises other new businesses such as The Club’s loyalty platform and HKT Financial Services, and corporate support functions. The company's key revenue is generated from Hong Kong.

Etihad Etisalat Co JSC operates in the telecom sector. The company also manages, installs, and operates telephone networks, terminals, and telecommunication unit systems, as well as to sell and maintains mobile phones and telecommunication units in the Kingdom of Saudi Arabia. The company's segment includes Consumer, Business, Wholesale and Others. It derives maximum revenue from Consumer segment, which includes products and services such as voice calls, mobile Internet, and fixed Internet. The company has provides integrated services for three main sectors; individuals, businesses, and carriers. All of the company's operations are principally conducted in the Kingdom of Saudi Arabia.

SK Telecom is South Korea's largest wireless telecom operator, with 32 million mobile customers. The firm also owns SK Broadband (formerly Hanaro Telecom), which has 7.2 million broadband customers and 9.5 million pay TV customers (6.7 million IPTV and 2.8 million Cable TV). While the firm also purchased stakes in businesses in security and semiconductor memory production, as well as developing e-commerce and internet platform businesses, these were all spun off into the separate SK Square business in November 2021. The company was formed after SK Group purchased KT’s mobile business in 1994.

Quebecor primarily provides telecom services in Quebec, where it has roughly 1.7 million internet subscribers—equating to a penetration rate of about 50% in its footprint—and over 3 million mobile subscribers, including more than 20% wireless market share in Quebec. With the acquisition of Freedom Mobile in April 2023, Quebecor also has more than 1 million mobile subscribers in Ontario, British Columbia, and Alberta. Quebecor also offers a French-language subscription video-on-demand service and has a media segment that owns and operates television stations, publishes newspapers and magazines, and produces and distributes films and television shows. A very small portion of Quebecor’s business engages in live event production and promotion and owns live-event venues.

Far EasTone Telecommunications Co Ltd is a telecommunications company. It provides mobile telecommunications services (including voice and internet services), international simple resale services, digital value-added services, sale of cellular phone equipment and accessories and enterprise information and communication integration services, etc. The company operating segments are Mobile services business, Fixed-line services business, Sales business. The company generates the vast majority of its revenue in Taiwan.

Tele2 is the second-largest telecom operator by market share in Sweden, after Telia. Tele2 was a pure mobile operator until 2018 when it acquired Com Hem, Sweden’s largest cable company. Tele2 is also present in the Baltic markets, where it runs a pure mobile business. Tele2 is a well-managed firm, showing good cost discipline and a healthy dividend policy, which we expect will remain.

Taiwan Mobile Co Ltd is engaged in providing wireless communication service, sale of mobile phones, and accessories, games, ebooks, and value-added services. The reportable segments of the company are telecommunication, retail, Cable television and broadband, and others. The telecommunication segment engages in providing mobile communication services, data mobile services, and fixed line services; retail segment in providing online shopping, TV shopping, and catalog shopping; Cable television and broadband segment in providing pay TV and cable broadband services; and others in business other than telecommunication, retail, and cable television. The company derives the majority of its revenue from the retail segment.

Ooredoo QSC is a Middle Eastern telecommunications company.

Globalstar Inc is a telecommunications company that derives revenue from the provision of mobile satellite services. Mobile satellite services are typically used by customers where existing terrestrial wireline and wireless communications networks are impaired or do not exist. The company provides communications services such as two-way voice and data transmission. In addition, one-way data transmission is also offered. Both services are offered using mobile or fixed devices. The company is an owner of satellite assets. It has one reportable segment: MSS business. The company generates the vast majority of its revenue within the United States.

PT Telkom Indonesia (Persero) Tbk is the integrated telecommunications provider in Indonesia. It also provides a wide range of other communication services, including telephone network, interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television, and VoIP services. It derives revenue from product lines: Mobile, Consumer, Enterprise, WIB, and Others. The firm has identified five reportable segments, namely B2C, B2B Infra, B2B ICT, International, and Others. The firm generates the majority of its revenue from the B2C segment.

MTN Nigeria Communications PLC is a provider of communications services. The principal activities of the company are the provision of broadband fixed wireless access service, mobile broadband solutions, and fibre-to-the-home connectivity. The group operates in three reportable segments, namely, Consumer Business Unit (CBU) which consists of subscribers sitting in value propositions and tariff plans for Youth, High Value and Mass segments, Enterprise Business Unit (EBU) consists of small and medium organizations to whom the services are provided, and Wholesale Business Unit (WBU) serves customers who buy MTN telecom products. The majority of the revenue is generated from the CBU segment.

Safaricom PLC is a Kenya-based telecommunications company. The principal activities of the company are the provision of telecommunication services, providing a comprehensive range of integrated telecommunication services including voice and data both mobile and fixed, SMS, the internet, and m-pesa. The company also offers a wide range of devices such as Mobile handsets, mobile broadband modems, routers, tablets, and notebooks. The majority of its revenue comes from service revenues: Voice, m-pesa, mobile data, messaging, fixed data and other service revenue. The company serves both individual and corporate/enterprise customers.

True Corp PCL is a triple-play telecommunications company. It operates through three business segments: Mobile, Pay TV, Broadband internet and others. The majority of revenue is derived from Mobile segment, the company's mobile services product offering. The majority of the company's customer base in its mobile services division is considered prepaid. Broadband internet and other generated revenue internet services are recognized when rendering the service to subscribers. Pay TV generates revenues from monthly subscription fees recognized in the month in which the service is provided, commencing from the completion of installation. It operates in a single geographical area, which is Thailand.

Charter Communications is a broadband connectivity and cable company that sells internet, video, mobile and voice services under the Spectrum brand. It serves residential and business customers across dozens of US states and also sells advertising through Spectrum Reach and operates local news and sports channels. The company is headquartered in Stamford, Connecticut, after moving from St. Louis, Missouri in 2012. It has grown through acquisitions of cable systems, including Time Warner Cable and Bright House Networks in 2016 and Cox Communications in 2026. Revenue comes from monthly subscriptions, business services and advertising. Liberty Broadband, Advance/Newhouse and Cox Enterprises have been significant shareholders.

Numericable is a French cable operator and telecommunications services company that provided cable broadband, digital television, fixed telephony and mobile services. It was assembled from the French cable networks of Noos, formerly UPC France, and NC Numericable, which merged in 2006, and the group adopted the single Numericable brand in 2007. It operated the largest cable network in France, passing close to ten million households, and ran a fibre upgrade programme in major cities. Business customers were served through the Completel fibre network. Altice, Cinven and Carlyle owned the group before it listed on Euronext Paris in November 2013. In 2014 it agreed to acquire SFR from Vivendi and bought the mobile virtual operator Virgin Mobile France, and the enlarged group traded as Numericable-SFR before adopting the SFR name in 2016. Its operations were based in the Paris region and also covered Portugal, Belgium and Luxembourg.

Bezeq International is Israel's leading international telecommunications provider, founded in 1996 as a subsidiary of Bezeq Group and headquartered in Petah Tikva. The company delivers broadband internet up to 1 Gbps, international calling, cloud hosting, and cybersecurity services to 1 million+ residential and business customers. It operates data centers in Israel and Europe, connecting to 400+ global carriers for low-latency VoIP and MPLS networks.

Regional Link Telecom Services is a telecommunications provider operating as a wholly-owned subsidiary of HKT Limited in Hong Kong. The company delivers fixed-line telephony, broadband internet, and data connectivity solutions primarily to business customers across the region. Established to support HKT's enterprise segment, it maintains infrastructure in key commercial districts of Hong Kong, including Central and Kowloon. Regional Link handles network maintenance and expansion projects valued at hundreds of millions of Hong Kong dollars annually. Its services integrate with HKT's broader ecosystem, enabling seamless connectivity for multinational corporations headquartered in Hong Kong such as HSBC and Standard Chartered.

Digital InfraCo is a Singtel-led joint venture developing digital infrastructure across Asia, Europe, and the US. The consortium focuses on subsea cables, data centers, and 5G networks, with initial projects including the Echo and SeaMeWe 6 cable systems linking Singapore to Europe. Digital InfraCo partners with CDPQ Infra and Gulf Investment Corporation to invest tens of billions in high-capacity connectivity.