Telecom M&A value collapses to $6.5b in Q3 2025

Americas account for 85% of $72b year-to-date deal value.

Global telecom mergers and acquisitions (M&A) value declined to $6.5b in the third quarter (Q3) of 2025, down from about $49b in second quarter (Q2), according to Bain & Company’s M&A in Telecom report.

The Q2 total included Charter Communications’ $34.5b acquisition of Cox Communications, which accounted for the majority of deal value in that period. 

For the year-to-date, global telecom M&A value reached $72b, representing a 34% decline compared with the same period in 2024, Bain reported.

Deal activity remained concentrated among a small number of transactions. Of the 54 telecom M&A deals announced year-to-date, the top five accounted for more than 75% of total deal value, according to the report.

The Americas accounted for 85% of global telecom M&A deal value in the first three quarters of the year, whilst other regions contributed a smaller share of total value, Bain said.

By transaction type, scale acquisitions represented 66% of global telecom M&A value year-to-date, up from 56% in the same period last year. Infrastructure divestments accounted for 20% of total deal value, broadly in line with the prior year, according to Bain.