Telecoms

We advised Connectbase, a U.S.-based software developer.... Read more

We advised Connectbase, a U.S.-based software developer, on its acquisition of LastMileXchange, a UK-based software company that provides communication service providers across the globe with cloud-based access pricing solutions.

The acquisition gives Connectbase the largest global API ecosystem, securely connecting buyers and sellers across six continents with more than 2 billion unique locations within Connectbase’s platform.

Lawyers in our London office led the transaction, with support from our employee benefits, employment, intellectual property, and tax practices.

We advised IDI and Groupe Chevrillon.... Read more

We advised IDI and Groupe Chevrillon, France-based investment companies, on their exit from VOIP Telecom, a leading B2B telecom operator in France, ahead of its merger with Nomotech, a telecom and cloud services business, to create new entity Stelogy.

In connection with the transaction, we advised VOIP Telecom founder William Biner on his reinvestment in Stelogy. The merger allows Stelogy to solidify itself as a key player in the B2B telecoms and IT market in France.

Lawyers in our Paris office led the transaction, with support from our tax practice. 

We advised Pavlov Media, a provider of fiber-based.... Read more

We advised Pavlov Media, a provider of fiber-based internet connectivity to off-campus student housing, on an investment from Macquarie Asset Management, the world’s largest infrastructure manager.

The investment allows Pavlov to continue building fiber infrastructure in new and existing geographies across North America, expand its multi-dwelling unit market presence, and accelerate its fiber-to-home initiatives.

Lawyers in our New York office led the transaction, with support from our Northern Virginia and Washington, D.C. offices and our antitrust and international trade practices.

We advised Syserso Networks, a German IT and... Read more

We advised Syserso Networks, a German IT and telecommunications solutions provider, and Chequers Capital portfolio company, on its take-over-merger with SHD SystemHaus-Dresden, a provider of managed IT services.

The merger allows both companies to strengthen their market position through a focused approach to expansion, particularly in the highly regulated critical infrastructure sector.

Lawyers in our Frankfurt office led the transaction, with support from our Berlin, Düsseldorf, and Munich offices and our antitrust, finance, privacy and cybersecurity, private equity, regulatory, and tax practices.

Sector performance

2023 telecoms M&A activity continued the downward trend the sector experienced in 2022. Infrastructure dealmaking persisted, with multiples for digital infrastructure transactions remaining strong.

Joint ventures remained a popular alternative deal structure in the sector, with in-country consolidations accounting for more than a third of all deal values, the largest among deal types. Several transactions involved telcos moving into adjacent sectors, including digital and software, to explore long-term growth options and expand their core business. 


Hogan Lovells activities

In 2023, our Telecoms team assisted clients in the cable, mobile, satellite, and broadband space. We attended conferences across the globe, including the annual Mobile World Congress events in Barcelona and Las Vegas, where discussions focused on the future of AI.

We also published thought leadership addressing this quickly evolving technology in the context of the telecoms sector, including contributing to our Global AI Trends Guide. We hosted our flagship telecoms event, the annual Winnik Forum in Washington, D.C., which focused on the impacts of the development and implementation of Open Radio Access Networks (Open RAN).

The team has experience working across the sector, with a particularly strong offering in space, satellite, wireless, and the Internet of Things.”

Legal 500 US, 2023

350+

Telecoms lawyers

Tier 1

Telecoms and
Broadcast: Transactions
Legal 500 US, 2023

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M&A Year in Review

Expander

Dear Clients and Friends,

Welcome to the 10th edition of our Hogan Lovells M&A Year in Review! We created our M&A Year in Review to express our gratitude to you – our clients and friends – for the opportunity to work together and for the successes that we have shared. We hope you enjoy our review of dealmaking during 2023 and our projections for M&A during 2024.

Global M&A activity in 2023 slowed to a 10-year low. Aggregate deal volume decreased by 6%, to a three-year low, and aggregate deal value declined by 17%, marking the first time global deal value failed to reach US$3 trillion since 2013. 

A combination of factors led to this decline in dealmaking, including persistent inflation, heightened cost of capital, increased regulatory scrutiny, fears of recession, and conflicts in Europe and the Middle East.

During 2023, sponsor-related M&A experienced a significant downturn in both volume and value, with deal value falling 40% and deal volume down 26%. For strategic M&A, deal value declined by 3% from 2022, and the number of strategic deals declined 13% during the same period.

Sector activity varied widely during 2023. M&A in the energy and power sector propelled the conversion from traditional to clean energy, with transaction value exceeding more than US$500 billion and accounting for 17% of overall M&A value. The technology sector experienced a 47% decline in M&A value compared to 2022, as companies and investors pursued smaller transactions driven by technology imperatives. Life sciences and health care M&A remained vibrant in 2023, with deal value increasing by 23% compared to 2022 – a trend driven by high-value transactions in the biotech and pharmaceutical sectors.

Our M&A Group is grateful to have worked with you over the course of 2023. Your transactions propelled Hogan Lovells to more than 30 M&A league table rankings worldwide, including for Global M&A and across Europe, France, Germany, Italy, the Nordics, the United States, Latin America, Asia, Australia, and India.

For the year ahead, we forecast measured optimism for meaningful increases in deal value and deal volume, as set forth within our 2024 M&A Outlook.

We appreciate the trust that you continue to place in us, and we look forward to supporting you on your M&A transactions in the year ahead.

Best wishes for continuing success in 2024,

The Hogan Lovells M&A Group