RL Hulett：2025年第四季度全球电信行业并购市场研究报告（英文版）

In Q4, the S&P Telecom ETF increased by 7.8% and outperformed a 2.0% increase in the S&P over the same period. ▪ The median EV/EBITDA multiple for reported private equity deals in the Telecom sector increased to 6.9x in 2025 from 2.5x in 2024, and decreased for strategic deals to 3.6x from 6.8x in 2024. ▪ M&A deal volume in the sector increased 75.0% in Q4 to 105 deals from 60 deals in Q3, and increased 64.1% from 64 deals in Q4 of the prior year.