Latest Mobile Carrier Deal Trends

🌏 Continuing my tracking of the fintech & telecom convergence... 🌐 Klarna is the latest fintech to enter the telecom space, launching Klarna Mobile, a 5G MVNO powered by Gigs, the Telecom-as-a-Service provider that’s become the default enabler in this trend. The rollout will begin in the US, with the UK, Germany, and other markets to follow 👇 Here’s a quick rundown of other fintechs & superapps already playing in this space: ✅ Nubank founded in 2013 in Brazil, launched NuCel, its travel eSIM product, powered by Gigs and Claro (a major Brazilian MNO) in 2024 ✅ Revolut founded in 2015 in the UK, started by reselling 1Global eSIMs and now plans to launch its own MVNO offering in 2025 ✅ Zolve, a cross-border neobank founded in 2020, launched Zolve Connect as an MVNO in 2023 using Gigs. ✅ bunq, also founded in 2015 in the Netherlands, hasn’t gone full MVNO but offers eSIM capabilities through a partnership with Gigs and BetterRoaming. ✅ Grab the Southeast Asian superapp (ride-hailing, food delivery, etc.), entered telecom in 2023 as a full MVNO using Gigs infra. 🔥 And now, Klarna, founded in 2005, originally a BNPL player, and now a licensed neobank in the EU is the newest to join the MVNO movement. 🌐 Emerging Trends: 1️⃣ Sticky consumer play: This strategy resonates most with cross-border fintechs. Nubank operates across Brazil, Mexico, and Colombia. Revolut spans ~48 countries. Klarna is present in ~26. The global reach makes telecom a logical extension. Interestingly, domestic-only neobanks like Chime (US) and Monzo (UK) haven’t made moves yet, but haven’t ruled it out either. KakaoBank, based in South Korea and expanding into Thailand and Vietnam, is one to watch closely. 2️⃣ Travel + Superapp angle: Nubank positioned NuCel as its travel product. Similarly, this move makes sense for cross-border apps: neobanks, superapps, payment players, ride-hailing, even delivery or OTA brands (Uber, Cleartrip, Scapia, Atlys, though Atlys will need to fix its CX first). It’s a natural extension for anyone wanting to own more of the traveler’s journey 3️⃣ Value add in fintech auth flows: eSIM integration creates new levers in identity verification, onboarding, and user stickiness. This could become part of bundled infra for cross-border payments and financial journeys 🌍 While India still faces telecom challenges (limited eSIM adoption, regulatory inertia, clunky UX), for fintechs building global user journeys, especially those looking at cross-border payments, remittance, or travel spend, this is a powerful lever. Over the next year, I expect nearly every major neobank and superapp to either embed eSIMs or become an MVNO, with Gigs as the go-to enabler 🧠 There’s a deeper piece on this in the comments (from a few months ago), still relevant, and I’m working on an updated version soon.

🚀 Vodafone3 transforms the UK telecoms landscape 🚀 Our (very) deep dive on the Vodafone and Three UK merger has thrown up far-reaching implications for UK telecoms: 💠 We expect continued pressure at the budget end of the mobile market, intensifying competition at the top end, and some opportunities in the short term 💠 Following disclosure from Ofcom, we've amended our spectrum trade assumptions to give Virgin Media O2 more, but different, spectrum with a 68% uplift to its capacity. BT Group has some big strategic decisions to make in response, with various options at its disposal 💠Retail pricing remedies will anchor prices at the lower end of the market for at least three years, but have less of an impact at the higher end, with social tariffs a threat to both broadband and mobile 💠MVNOs will be well protected and the likes of iDMobile are particularly well-set to benefit 💠Although the network upgrade plan will take many years to effect fully, there will be some very notable upsides within the first year 💠 Commercially we see some opportunities on broadband, less so on FWA short term, and we expect the company to tread very carefully on retreating from any of its main brands 💠 Vodafone3 is a significant positive for the Vodafone Group with the potential to double its excess FCF, although the looming cost of buying out CK Hutchison Holdings Ltd will curtail spending somewhat 💠Flashpoints to look out for: rolling over of MVNO contracts; dissolution of MBNL, and the independent valuation of Vodafone3 for call and put options Enders Analysis subscribers can read our in-depth report here: https://lnkd.in/eac3CqeC James Barford Hamish Low Artemis Loynes Cornerstone Mobile Broadband Network Ltd (MBNL) #Telecommunications #Wireless #TelecomNews #UKTelecoms

EchoStar announced today it will sell its 3.45 GHz and 600 MHz licenses (50 MHz total) to AT&T for about $23 billion. Under the deal, Boost Mobile becomes a “hybrid” carrier using AT&T’s network alongside its 5G core. EchoStar says the sale resolves ongoing FCC spectrum‑use inquiries and “puts [the company] on a solid financial path,” with proceeds earmarked to retire debt and fund growth Pros: Capital & FCC relief: ~$23B cash greatly de‑leverages EchoStar and clears regulatory pressure on its spectrum buildout Service continuity: Boost subscribers keep coverage via AT&T’s network with no service interruption, even as EchoStar phases out its own towers. AT&T bolsters 5G: AT&T gains 30 MHz of 3.45 GHz and 20 MHz of 600 MHz nationwide, immediately strengthening its 5G capacity and fixed‑wireless broadband (Internet Air) service. Cons: Regulatory risk: The transaction requires FCC/DoJ approval and further concentrates spectrum with incumbent operators. Loss of independence: EchoStar abandons its own network build‑out. It now depends on AT&T (and T‑Mobile) infrastructure to serve Boost customers. Uncertain upside: EchoStar must now monetize any remaining spectrum (e.g. AWS‑4) by partnering or selling, with no guarantee of future value. Implications: The deal exemplifies a broader consolidation trend: wireless companies are collaborating and realigning spectrum assets rather than duplicating networks. For AT&T, the acquisition dovetails with its converged fiber+5G strategy (it has passed 30 million fiber homes and invested ~$145B in infra since 2020. For EchoStar (and Dish, MVNOs and cable operators), it signals that capital will flow to the highest‑return assets – spectrum is being treated as liquid equity. #Telecom #Spectrum #EchoStar #Wireless #Investing

The era of “Everyone is a winner” in wireless is over. For years, the industry operated as if everyone was winning  – some more, some less but they still won. That time has passed. We are entering a period where market share will not just shift. It will be violently taken. On the latest episode of The Week with Roger, Don Kellogg and I broke down T-Mobile’s latest move and what the data actually says about the future of the US wireless market. 1. The "Digital Channel" fallacy is killing growth. Carriers still view digital as a mere sales channel. Delivering his first Un-Carrier move, T-Mobile's Srini Gopalan puts the industry on notice that he's here to shake things up. Srini correctly views digital as an operational enabler, not as a channel. Consider this: 43% of consumers are buying their mattress online, yet digital mobile switching languishes in the teens. It is absurd that the mobile phone is practically the only product you cannot easily buy on a mobile device. Every operator needs to fix this. T-Mobile was the first to enable this but will surely not be the last. 2. T-Mobile is already the consumer king. T-Mobile is now the largest consumer carrier in the country. Unless Verizon executes a dramatic turnaround under Dan Schulman, T-Mobile is on a trajectory to become the number one carrier in total customers by the end of 2026. The struggle is real. 3. Friction was the best retention tool. Our research shows the number one reason unhappy customers do not leave is the time it takes to switch. By automating the porting process via an app, T-Mobile has turned switching carriers into an impulse buy. If you anger a customer over lunch, they can be gone before the check comes. The inertia that helped carriers relied on to keep their base is evaporating. The djinni is now out of the bottle. 4. The death of the easy upsell. There is a massive risk here that is easy to overlook. Frictionless digital switching removes the customer from the retail environment. Without a sales rep, the attachment rates for high-margin items like device insurance and accessories will plummet. Even more importantly, customers come into the store for the cheap entry-level plan that's advertised everywhere and then get upsold by a skilled sales professional to the top plan. Carriers must completely reinvent how they upsell value, or they will trade volume for profitability. The Bottom Line 2025 is the setup. 2026 will be the year where titans clash. The days of rising tides lifting all boats are gone. Let’s discuss: We were here before. The lack of number portability was seen as a churn reducer. Then service contracts were seen the same way. Each time when it became easier to switch, churn actually fell and has done so for years. How will the market transform due to a frictionless digital switching process? How much will it matter? Here is the link to the podcast: https://bit.ly/48wdZHh #Telecom #Strategy #TheWeekWithRoger #ReconAnalytics #TMobile #5G

AT&T has changed the mobile battlefield with its $23B EchoStar spectrum acquisition. AT&T just bought itself both a stronger shield (coverage) and a sharper sword (capacity). The spectrum mix allows them to balance urban density, rural coverage, and enterprise opportunities in a way that aligns with their fiber+5G convergence strategy. Strategic Takeaways 1. Coverage: 600 MHz lets AT&T claim “nationwide 5G low-band” parity with T-Mobile, bolstering its rural and indoor story. 2. Capacity: 3.45 GHz strengthens AT&T’s mid-band position, narrowing the gap vs T-Mobile’s 2.5 GHz dominance. 3. Enterprise: 3.45 GHz is well-suited for private RAN. It could be a big upside in ports, defense, utilities. 4. FWA: Combination of 600 MHz (reach) and 3.45 GHz (capacity) lets AT&T scale Internet Air without overloading C-Band. 5. Rural & Public Safety: 600 MHz supports FirstNet expansion and rural broadband credibility, possibly helping with FCC/DoJ scrutiny. Competitive Responses T-Mobile shouldn’t panic. It still holds the stronger mid-band (capacity) and early SA (innovation) positions. I expect they will press their lead in FWA and enterprise aggressively now, before AT&T has time to digest the EchoStar spectrum and densify its network. Verizon risks looking spectrum-constrained in low-band while being squeezed in FWA. Here is what I expect Verizon’s response to be: 1. Patch low-band with 850 refarm or leasing 600. 2. Market its mid-band depth (C-Band + 3.45) as a superior mobility + enterprise story. 3. Fight aggressively to maintain FWA growth before AT&T’s new spectrum comes online. Get your popcorn out ! #AT&T #EchoStar #5G #Spectrum #Wireless #Telecom #FWA #LowBand #MidBand #CBand #TelcoStrategy #Private5G #NetworkDeployment #EnterpriseNetworks #DigitalTransformation #Connectivity #RuralBroadband #FiberPlus5G #NextGenNetworks #TechLeadership

Great to be featured in the Business Post with commentary about the reported Virgin Media/Liberty Global and Three/CK Hutchinson merger discussions. Some of my early thoughts: If successful, this marks the inevitable endgame for single-play telecoms in the Irish market, effectively dismantling the standalone mobile operator model. After years as the only remaining Liberty market without owned mobile, the talks signal that Ireland finally fits John Malone's convergence thesis of cable/ fibre monetisation through mobile integration. This replicates the playbook that yielded VMO2 in the UK, VodafoneZiggo in the Netherlands and Telenet in Belgium. This is a natural match since CK Hutchison's portfolio restructuring (looking for pre-IPO liquidity) has created the exact opportunity Liberty has sought. At a reported ~€1.5bn, the Irish disposal would equate to roughly eight weeks of VodafoneThree’s pro-forma annual revenue (c.€9.7bn) in the UK, making it meaningful cash for CK Hutchinson to monetise (noting the net cash outcome depends on the final deal structure). Both Virgin Media and Three have posted losses in their Irish units at different periods over recent years, reflecting the mature, low-growth nature of telecoms in Ireland and the high capital intensity of 5G/fibre rollouts (and energy cost pressure). Virgin in particular has found its competitive energy ebb away, bleeding subscribers across fixed/TV due to fibre encroachment from eir, and has struggled to effectively grow its MVNO Virgin Mobile. The deal would create a third converged fortress in Ireland to rival eir and Vodafone, transforming Virgin/Three into a fully integrated quad-play titan capable of locking in households with higher-margin cross-sell bundles and improving the economics of network densification on the mobile side with substantial owned fibre backhaul. Beyond increased pressure on eir/Vodafone, a merged entity would also likely pose a major challenge to Sky, which risks being squeezed as the only major player lacking owned infra, potentially forcing it into a margin squeeze as a wholesale renter in a market of landlords. Several important questions remain from a competitive perspective. Since this is not a traditional 4-to-3 merger, the deal would preserve mobile market structure, a combination that regulators have generally supported. Secondly, with Three hosting multiple MVNOs in the spirit of the 2014 O2 merger remedies, questions arise about Virgin's commitment to continuing these arrangements. Both Vodafone, via Sky Mobile, and eir, via LycaMobile, have been keen to take a bigger bite out of the wholesale MVNO pie. Lastly, there is the question of whether Virgin would continue its recent move to retail on SIRO's wholesale network, as doing so would mean relying on a competitor's (Vodafone) infrastructure for converged expansion. https://lnkd.in/d9X4KQNH

AT&T just made a strong case for why spectrum strategy still defines competitive advantage in US wireless. Lighting up EchoStar’s 3.45GHz midband spectrum across 23,000 sites in weeks is impressive on its own. The bigger story is what it signals for the next phase of mobile and FWA competition. Midband is capacity. Capacity is user experience. User experience is churn reduction and ARPU protection. AT&T is seeing up to 80 percent faster downloads for mobile and major boosts for its Internet Air FWA product. That matters at a time when FWA adoption is still climbing and performance gaps show up immediately in the customer experience. The deal also reshapes EchoStar. Boost Mobile customers will run on AT&T’s RAN while using Boost’s core. That hybrid model could become a template for smaller players that want to differentiate without owning a full nationwide RAN. For the industry, three signals stand out: 1) Spectrum efficiency beats new towers. AT&T gains capacity and performance without major new site builds. That is a financially efficient move in a CAPEX constrained era. 2) Midband remains the sweet spot. This is the spectrum layer that ties together 5G Advanced capabilities, FWA expansion, and emerging XR workloads. 3) Open RAN ambitions continue. AT&T’s multiyear swap from Nokia to Ericsson shows how strategic network modernizations remain central to unlocking 6G readiness later. AT&T is clearly positioning for an AI native, midband heavy future. The question is how fast Verizon and T-Mobile answer with their own spectrum utilization and modernization plays. What do you see as the next competitive battleground in US 5G and FWA? #5G #Wireless #FWA #Telecom #NetworkInfrastructure

Verizon Steps Back From a Price War Verizon’s recent promotions sparked speculation about an aggressive pricing battle in US wireless. That scenario now looks unlikely. Despite bold moves like four lines for $100 with free iPhone 17 devices, analysts say Verizon is not planning broad price cuts. The strategy appears focused on modest subscriber gains rather than sacrificing margins. Leadership has clarified that growth will come from a customer first mindset and network strength, not a race to the bottom on pricing. This restraint has reassured investors and left competitors largely unfazed. T-Mobile, in particular, seems comfortable holding steady, even if it means giving up some market share, as long as industry pricing remains rational. For consumers, this likely means fewer dramatic deals in the near term. For the industry, it signals a shared interest among major carriers in protecting #ARPU and avoiding mutually damaging price wars. All eyes now turn to Verizon’s upcoming earnings to see if this disciplined approach holds. #Telecom #Wireless #Verizon #TMobile #TechIndustry #MarketStrategy #MobileNetworks https://lnkd.in/e4yFVwHc

Your next SMS might bounce off a satellite instead of a cell tower. 🛰️ In Australia, Telstra is testing direct-to-handset satellite texting with STARLINK, so you can send messages from a desert, a mountain peak, or 50 miles offshore. No Wi-Fi. No towers. Just clear skies and your phone. And that’s just one glimpse of how telcos (and their tech partners) are expanding far beyond the “pipes and plans” model: ➡️ Verizon × AR (Snap Inc. & Genius Sports): Live 5G Stadium Magic Imagine pointing your phone at the field and instantly seeing AR overlays, real-time player stats, instant replays from any angle, even trying on team merch virtually. Verizon teamed up with Snap and Genius Sports to make it happen at NFL games, powered by ultra-low latency 5G. ➡️ Orange × OpenAI: Translating African Languages in Real Time For millions of people, their native language isn’t even an option in most translation apps. Orange is fine-tuning OpenAI models to translate multiple regional African languages instantly, bridging gaps in business, travel, and daily life that have existed for decades. ➡️ Beyond ONE × TIMWETECH: Content & Services Without a Credit Card In Saudi Arabia and Oman, Beyond ONE is partnering with TIMWETECH to let mobile subscribers pay for streaming, games, and premium apps directly from their prepaid balance. For millions in emerging markets without easy access to bank cards, it’s a simple shift that unlocks a whole new digital world. A related space we are more used to see this tech convergence is on the OEMs side, the Apples and Samsungs of the world are moving beyond devices for a while as well: ➡️ Apple has turned the Watch into a regulated health platform, FDA-cleared ECG, sleep apnea detection, and clinical applications via Vision Pro. ➡️ Samsung Electronics is rolling out an AI Health Coach, launching the discreet Galaxy Ring, and integrating with hospitals through acquisitions like Xealth. Both are embedding fintech into their ecosystems for a while too, Apple Card, Samsung Pay, and savings tools, making your phone a built-in financial hub. Most telcos still aren’t seen as true ‘techcos,’ but we’re getting closer and there are definitely some exciting steps in that direction: - Stay connected even without cell coverage. - Get richer experiences when you’re in stadiums, cities, or events. - Communicate seamlessly across languages. - Access digital content and services without payment barriers. - Track and manage your health and finances from the device you already carry. #Telecom #AI #5G #SatelliteSMS #AR #DigitalLife #Innovation

"The U.S. may no longer need a “fourth carrier” to maintain competition" Brendan Carr, FCC Commissioner. EchoStar (Dish’s parent company) is selling $23B worth of 5G spectrum licenses to AT&T, signaling the end of Dish’s ambitions to become the fourth major wireless carrier. Boost Mobile, once a cornerstone of Dish’s strategy, will now operate primarily on AT&T’s network. This move follows years of spectrum acquisition and 5G buildout efforts by Dish, which reached ~80% U.S. coverage but struggled under mounting debt and regulatory pressure. The FCC had recently criticized EchoStar’s slow deployment and underutilization of key spectrum bands. What This Means: 1) Dish is effectively exiting the facilities-based wireless game. 2) The sale helps alleviate debt but marks a strategic retreat from its 5G ambitions. 3) Boost Mobile becomes more of an MVNO, relying on AT&T’s infrastructure. 4) AWS had partnered with Dish to build a cloud-native 5G network, with Dish stepping back, AWS may need to pivot its telco strategy or seek new partners to showcase its 5G capabilities. #5GDeployment #TelecomTransformation #WirelessIndustry #SpectrumStrategy #NetworkInnovation #CloudNativeNetworks #AWSforTelco #EdgeComputing #TelcoCloud #DigitalInfrastructure #TechStrategy #MergersAndAcquisitions #IndustryInsights #MarketShift #BusinessTransformation