Rising Telco M&A Favors Bankers Over Billionaires: Chris Hughes

The fortunes of European telecom billionaires Xavier Niel and Patrick Drahi could scarcely contrast more starkly. While Niel presses home his advantage as a ready buyer in a sector screaming for consolidation, Drahi is scrambling to sell assets across his global empire to cut a daunting $60 billion debt pile. But Niel’s ability to dictate terms to vendors isn’t assured. And Drahi may not have to accept the first offers he gets.

Niel has built Iliad SA into a disruptive mobile phone business focused on France, Italy and Poland. Opportunity knocks to expand further through M&A. Vodafone Group Plc is seeking a merger ...