Telecommunications

Private equity has avoided the declining fixed line segment (TDC and Eircom are notable exceptions) preferring to invest in higher-growth mobile and mobile services companies, particularly in developing markets (examples include Debitel and TIM Hellas).

Broadcast infrastructure has been another area of focus (Telediffusion de France, Arqiva), as well as cable operators (such as Essent-Casema, Kabel Deutschland and Com Hem). Their stable, predictable cash flows, scope for industry consolidation, and potential for cost-cutting and efficiency gains made many of these companies attractive investments.