In late January I had the privilege of attending the TMT World Congress 2025 in London, a premier gathering of global telecom, media, and technology leaders. It’s always exciting to engage with industry pioneers and gain fresh perspectives on the evolving digital infrastructure landscape. This year’s discussions were particularly insightful, with one theme standing out prominently: Digital Infrastructure M&A amongst AltNets. Additionally, discussions around long haul and transport Fiber, and the global Data Center investment explosion provided eye opening commentary on Infrastructure Strategy and Long Term Trends.
Digital Infrastructure M&A - AltNet FTTH Operators
The accelerating pace of M&A activity in the digital infrastructure space is reshaping the competitive landscape. In FTTH, many panelists seemed in agreement that the roughly 80 UK Alternative Network Providers (AltNets) would shrink dramatically in number in the next 2 to 3 years. There were a few significant AltNet moves highlighted in 2024 and into early 2025, such as CityFibre acquiring Lit Fibre, Netomnia merging with BRSK, and the announced pending merger of FullFibre and Zzoomm. These precede predictions of a steady slate of more to come. Looking back to 2023 there were other notables, including Freedom Fibre merging with VX Fibre, and Fern Trading rolling four portfolio FTTH AltNets into AllPoints Fibre.
There were still many millions of new fiber passings built in 2024 in the UK, especially by the largest few players, but increasingly the smaller AltNets are shifting from build focus to prioritizing commercialization. Where passings were the key metric over the past few years, subscriber counts and take rates have now taken the front seat.
There is increasing pressure for not-yet-profitable AltNets without extensible financial backing to prepare to be acquired. Analysts predicted a wave of recapitalization, with Alix Partners reporting that a full 50% of UK operators will likely seek to refinance within 24 months. The consensus was that some AltNets will get new capital fuel in the tank to continue building to plans, while others will look to develop both merger and acquisition events in search of financial stability and scale. Debt will lead the way, albeit expensive debt. New equity funding was said to be scarce for smaller AltNets as investors remain cautious.
A key takeaway from discussions was the increasing importance of strategic leadership in navigating market consolidation while maintaining operational excellence. Fiber operators are challenged to drive excellence in marketing and sales to surge subscriber counts in a competitive residential market. They also need to ensure that all systems and workflows are as seamless as possible, that data management is airtight, and that they have a back office that can scale. Operational Efficiency and the benefits of Scale were noted as the keys to the future by many presenters and analysts.
For me, these themes are right in VETRO’s wheelhouse. Network owners preparing to sell have to have great data on what’s been built, what they own, where it is and how it is put together. Those preparing to buy need great network data for planning and diligence, and then need to pull network data together to deliver an integrated operational inventory of the sum of the parts, which takes real skill and adept planning. At VETRO we’ve played a role as a partner to our platform customers in the rolling up of disparate fiber network documentation and asset data in many scenarios and countries, pulling together data from every type of source system. The AltNet market has a fresh opportunity to begin replacing assorted home-grown GIS type tools and starter level fiber management systems with comprehensive modern network System of Record platforms…underpinning operational efficiency at scale.
Fiber Highways - New Capacity for Data Centers, Transport, and Enterprise
Europe’s fibre landscape continues to transform rapidly, with operators and investors aligning strategies to drive large-scale deployment. One of the most engaging discussions centered on how the European market is approaching consolidation. While fragmentation remains a challenge, the appetite for regional and cross-border partnerships is growing as companies seek operational synergies and scale efficiencies in the transport and long haul spaces as well. It was noted that there is a new build-vs-lease continuum for some as opposed to all build. And that partnerships in this infra increasingly matter.
Executives from Zayo, COLT, euNetworks, Eurofiber and more discussed their respective playbooks around developing major new route capacity to support Data Center buildout and related hyperscaler demand. Jennifer Smith, CFO of Zayo Europe, said that “listening is the investment strategy”, noting that data centers will go where there is power, and when they decide, Zayo will follow with Fiber. The newly exploding global demand for new build Data Center capacity to fuel AI infrastructure was a prevalent theme. With fiber underpinning and connecting it all. And very much like the AltNet FTTH conversation, the words Operational Efficiency and Scale were used frequently by these executives as well.
On another local note, a compelling success story was shared by Vorboss, whose entrepreneurial approach to serving London’s B2B bandwidth needs is redefining efficiency and Customer satisfaction by leveraging software and automation.
These approaches illustrate the diverse strategies and infrastructure players shaping the UK’s fiber future.
Looking Ahead
The insights gained at TMT World Congress reaffirm the dynamic nature of the industry and the critical role fiber infrastructure plays in shaping the digital future.
At VETRO, we remain committed to empowering network operators with cutting-edge tools to accelerate deployment and enhance operational efficiency. We continue to invest in building the most scalable system of record for fiber assets in the market, with a direct eye on digital transformation and data automation.
A big thank you to the event organizers and all the industry leaders who contributed to such engaging discussions. If you’d like to continue the conversation or explore ways to leverage data-driven solutions for fiber expansion, let’s connect!
About VETRO
At VETRO, we believe visualizing data unlocks hidden potential, radically simplifying the way businesses operate and digitizing the future of connectivity. We focus on empowering network operators with unparalleled clarity and control over their fiber networks, enabling them to move faster, better, and more efficiently than ever before. Our revolutionary platform isn’t just software – it’s the physical network asset system of record, offering unprecedented visibility and control from strategic planning to daily operations. We empower our customers to bridge the digital divide at a rapid pace, unlock unforeseen opportunities, and squeeze the maximum value from their networks. Let’s illuminate the unseen, digitize the way we connect, and shape the future of connectivity, together!
