Blog — Oct 2, 2026
The Rare Earth Pricing Paradox: How State Intervention Distorts Market Signals
By Piotr Gaber
Highlights
- Telecom consolidation across Central and Eastern Europe is accelerating as operators combine mobile, broadband, fiber and pay-TV assets to build converged platforms and compete more effectively.
- The market is also seeing portfolio streamlining, with groups such as United Group exiting selected assets and operators using acquisitions to gain infrastructure, subscribers and scale; further consolidation is likely as fixed-mobile convergence becomes increasingly important.
Telecom consolidation is reshaping Central and Eastern Europe as operators combine mobile, broadband, pay TV and fiber assets to build larger, converged platforms. Recent transactions show two clear trends: ambitious buyers are pursuing regional scale, while groups such as United Group and Liberty Global are streamlining their portfolios.
In Poland, T-Mobile Polska’s planned acquisition of INEA and Fiberhost from Macquarie Asset Management, valued at approximately €1 billion, would give the operator more than 300,000 broadband customers and control of a substantial fiber infrastructure platform. The deal would significantly strengthen T-Mobile’s fixed-line offering and help it compete more effectively with Poland’s integrated operators.
PPF is pursuing a similar strategy. CETIN’s acquisition of Czech operator Nej.cz added around 450,000 broadband, TV and voice connections, while PPF’s purchase of UPC Slovakia strengthened its O2 mobile business with a substantial fixed and pay-TV platform. Vodafone Czech Republic also expanded through the acquisition of more than 200,000 SAZKAmobil customers.
Some of the region’s largest deals are creating entirely new competitive forces. In Hungary, 4iG’s approximately €1.7 billion acquisition of Vodafone Hungary created a major integrated challenger to Magyar Telekom. In Serbia, PPF and e& acquired SBB from United Group for €825 million, combining its broadband and TV business with Yettel’s mobile operations.
Romania saw the opposite dynamic: Vodafone Romania acquired approximately 1.98 million mobile customers from Telekom Romania Mobile for a reported €30 million. The transaction enabled OTE to exit the Romanian mobile market while giving Vodafone immediate scale.
In Serbia, PPF and e& acquired SBB from United Group for €825 million. SBB contributed approximately 723,000 broadband and TV connections, which were combined with PPF’s Yettel mobile business. The resulting converged platform is positioned to compete more strongly with Telekom Srbija.
Ukraine saw another ambitious move, with NJJ Holding acquiring Lifecell and Datagroup. Together, the assets create an integrated operator spanning mobile and fixed services. The transactions also represent a significant long-term infrastructure investment in Ukraine during a period of severe disruption.
Meanwhile, United Group continues to streamline its regional portfolio, selling assets in Serbia, Bosnia and Herzegovina and elsewhere while consolidating its position in selected markets. Other operators, including Telekom Srbija, BH Telecom and Hrvatski Telekom, are also using acquisitions to expand or simplify their operations.
MTS’s acquisition of Zelenaya Tochka Group in Russia further illustrates the regional pattern: mobile operators are adding fixed broadband and pay-TV assets to create bundling opportunities.
Across Eastern Europe operators are increasingly expected to offer a complete connectivity platform rather than a single service. Fiber investment, rising competition and the need to retain customers are encouraging companies to buy infrastructure and subscribers instead of building everything organically. The region’s consolidation cycle is therefore not finished. As fixed-mobile convergence becomes a competitive necessity, single-platform operators may face growing pressure to find partners, acquire assets or exit selected markets.