Vertical integration the industrial logic for M&A: Vivendi / SFR and Comcast / NBC Universal

My eye was caught last night by a story in the Financial Times this morning reporting analyst speculation that in the wake of the approvals of the US Federal Communications Commission and Department of Justice for the purchase of 51% of NBC Universal by Comcast, which in turn enabled Vivendi to complete its exit from NBC Universal, that Vivendi would make an offer …

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Financial technology, cloud, mobile data and social networking will drive deals and valuation multiples in technology sector

As a new blogger, site statistics are a source of endless fascination.  They are however useful – my post on TMT valuation multiples seems to have been wildly popular, so I thought it worthwhile to trawl through some other reports to see what commentators were predicting. PwC‘s technology insight presentation caught my eye.  It is …

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BT sets prices for passive access to ducts and poles

Before Christmas, this blog flagged that last-mile fibre access (also know as next generation access, or NGA) was a commercial and regulatory issue that would be high on the agenda over the coming years.  On Friday, BT announced its draft pricing and product proposals for ‘passive access’ to its ducts and poles in the UK.  (In the NGA world passive …

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Valuation multiples up in TMT sector: trade buyers are back for 2011

I get a regular selection of recent corporate finance deal activity summaries in my email.  Last week, I got one from Regent.  Their view was that with the exception of a dip in August, valuation multiples in the European TMT sector have steadily edged upwards over the year, with: price / earning at 16 (as …

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And the killer application for 2011 is …

I’m very excited to have had my first re-tweet, so today’s post develops the thought further. The retweet was of an economist article which, in contrast to the emerging consensus that traditional telephone calls are dead quotes a recent Ofcom international research report as evidence that whilst fixed line volumes are declining across the world, …

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Net neutrality: religious or secular war?

Some years ago I was reading one of those very thought provoking articles in the end of year bumper edition of the Economist.  The gist of the article was that you could compare societies along different dimensions and depending on the dimension you chose could get very different groupings to those we are familiar with.  …

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(Digital and mobile) money, money, money

Trying to write an interesting blog about the intersection of law, policy and regulation with telecoms and technology is somewhat challenging.   Three posts in and I seem to be relying on references to popular culture to pep things up – this time 1970s disco. The use of stored value in the form of money is the cornerstone of …

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Key telecoms regulatory issues for 2011 (do too many connectives watch star trek?)

With my first post done, I thought it best to try and provide a little substantive content.  Two years ago, I spent some time interviewing various CEOs, strategy and regulatory directors in various international communications companies to get their thoughts on the big issues that were coming up.  With the end of the year approaching …

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