Marktlink → Sectors → TMT → Telecom

  • Updated February 27, 2026

Telecom bedrijf verkopen

Telecom valuations depend on one question: are you a reseller or a platform? In the 55+ deals we’ve guided, the gap between hardware-dependent resellers and managed connectivity platforms is widening every quarter.

Thomas Bakker

Sector Lead Telecom & Connectivity • 13 years • 55+ transactions

“Telecom is in a fascinating transition. The traditional reseller model is dying, but companies that evolved into managed connectivity partners — with recurring contracts and IoT capabilities — are seeing buyer interest we haven’t seen in a decade. The key question buyers ask: are you a reseller or a platform?”

Sector at a Glance

  • Updated March 2, 2026
VALUATION RANGE

0x – 0.0x

↑ +0.3x vs 2024

EBITDA Multiple
Deals in 2025

0

Active Buyers

0+

Enter your figures → see your position instantly

Valuation Development

Telecom valuations are more stable than software or media — the recurring contract base provides resilience. The recovery is driven by fiber/5G investment and the managed services transition.

5-Year Multiple Range

2021 PEAK

0.0x avg

Remote work drove connectivity demand surge

2023 TROUGH

0.0x avg

Infrastructure investment paused, rate hikes

2025 NOW

0.0x avg

Fiber/5G rollout + IoT platforms drive recovery

Subsegment Analysis

Managed connectivity, infrastructure, and IoT are valued on fundamentally different criteria. The common thread: recurring revenue and own IP separate leaders from laggards.

Managed Connectivity & UC

[XX] deals in 2025

Multiple Range

0x  – 0.0x

+0.4x

UCaaS and managed connectivity providers with multi-year contracts command the highest multiples in mid-market telecom. The shift from hardware resale to managed services is the single biggest value driver. Buyers specifically look for >70% recurring revenue and low churn — telecom churn below 5% signals a sticky customer base.

Buyer Mix
PE 35% • Strategic 50%
Key Valuation Driver
Recurring managed contracts >70%
Am I in this segment? →

Telecom Infrastructure & Installation

[XX] deals in 2025

Multiple Range

0.0x  – 0.0x

+0.1x

Infrastructure companies benefit from the massive European fiber and 5G rollout, but valuations remain moderate due to project-based revenue models and capex intensity. Companies with certified installation teams and multi-year framework contracts with carriers trade at premium. The scarce workforce itself is becoming a buyer magnet.

Buyer Mix
PE 20% • Strategic 60%
Key Valuation Driver
Fiber/5G backlog & certified workforce
Am I in this segment? →

IoT & Connectivity Platforms

[XX] deals in 2025

Multiple Range

0.0x  – 0.0x

+0.8x

IoT connectivity is the growth engine of telecom M&A. Companies with proprietary management platforms and large SIM/device estates are valued more like software than telecom. Industrial IoT applications in logistics, agriculture, and smart buildings command the highest buyer interest.

Buyer Mix
PE 45% • Strategic 40%
Key Valuation Driver
Recurring SIM/device revenue + proprietary platform
Am I in this segment? →

Buyer Landscape 2025

Overall Buyer Type Distribution

  • What drives premium valuations

Recurring managed service revenue >70%

+0.0x to +0.0x

Multi-year carrier framework contracts

+0.0x to +0.0x

Proprietary management/IoT platform

+0.0x to +0.0x

Low customer churn (<5% annual)

+0.0x to +0.0x

Certified workforce (fiber/5G)

+0.0x

Which of these buyers match your firm?

BuyersChecker analyzes your profile against our active buyer database.

Recent Transactions

Four anonymized telecom deals showing how the reseller-to-platform transition drives fundamentally different outcomes.

Platform Premium

Managed Connectivity Provider

UCaaS integrator with 800+ business clients, 85% recurring revenue, proprietary SD-WAN management layer

REVENUE

€0.0M

EBITDA

€0.0M

MARGIN

0%

RECURRING

0%

MULTIPLE

0.0x

DURATION

0 months

85% recurring
SD-WAN platform
800+ clients

Key Insight

The proprietary SD-WAN management layer elevated this from a “telecom reseller” to a “managed platform” valuation. Without it, similar companies in our pipeline traded at 5.0-5.5x. Technology differentiation turned commodity connectivity into premium value.

Workforce as Asset

Fiber Infrastructure Installer

Specialized fiber installation company with 120 certified technicians and KPN/T-Mobile framework agreements

REVENUE

€0.0M

EBITDA

€0.0M

MARGIN

0%

RECURRING

0%

MULTIPLE

0.0x

DURATION

0 months

120 certified FTE
Carrier frameworks
Fiber/5G specialist

Key Insight

In a market with chronic technician shortages, the certified workforce was the real asset. The buyer’s own growth was constrained by lack of installers — acquiring 120 trained technicians was faster and cheaper than recruiting and training.

IoT Premium

IoT Connectivity Platform

IoT connectivity platform managing 250K+ SIMs across logistics and agriculture, proprietary device management

REVENUE

€0.0M

EBITDA

€0.0M

MARGIN

0%

RECURRING

0%

MULTIPLE

0.0x

DURATION

0 months

250K SIMs
Proprietary platform
92% recurring

Key Insight

This company was valued as a technology platform, not a telecom business. The 250K managed SIM estate with proprietary device management created a “land and expand” model that strategic buyers recognized immediately. Cross-border interest was exceptionally high.

Transition Discount

Traditional Telecom Reseller

Business connectivity reseller with 400 clients, transitioning from hardware to managed services (50% complete)

REVENUE

€0.0M

EBITDA

€0.0M

MARGIN

0%

RECURRING

0%

MULTIPLE

0.0x

DURATION

0 months

55% recurring
In transition
Hardware legacy

Key Insight

The incomplete transition from reseller to managed services was the ceiling. Buyers saw the 55% recurring as “halfway there” — and priced accordingly. Had the transition been completed (>75% recurring), we estimated 6.0-6.5x was achievable.

Recognize yourself in these cases? Compare your situation.

Market Trends 2025

Fiber & 5G rollout fuels infrastructure M&A

The European Commission’s Digital Decade targets are driving unprecedented fiber and 5G investment. Mid-market infrastructure companies with certified teams and carrier contracts benefit directly from this multi-year spending wave.

Source: Oliver Wyman, European Commission 2025

€0B+

EU fiber investment

Reseller-to-platform transition determines value

The gap between traditional telecom resellers (4-5x) and managed platform providers (6-8x) continues to widen. Buyers systematically screen for recurring revenue models and own-IP. Companies mid-transition face a discount until the model proves itself.

Source: Dealsuite, Aventis Advisors 2025

±0x

valuation gap

IoT connectivity is the new growth frontier

Industrial IoT connectivity — particularly in logistics, agriculture, smart buildings, and fleet management — attracts both PE and strategic interest. Companies with proprietary platforms managing large SIM estates are seeing software-like multiples.

Source: Jahani & Associates, PitchBook 2025

0%

YoY IoT deal growth

Strategic consolidation accelerates

Unlike software where PE dominates, telecom M&A is driven by strategic buyers. Larger operators and MSPs need connectivity capabilities and geographic coverage — and building organically is too slow. Expect continued consolidation through 2026.

Source: Oliver Wyman European Telco M&A 2025

0%

strategic buyers

What This Means for You

Interactive tools that give you immediate insights—or full reports in your personal portal.

30 sec

Marktlink Multiple

Your estimated valuation

Direct: Indicative multiple

Portal: Detailed range + comparable deals
+ factors breakdown

Start tool

30 sec

BuyersChecker

How many buyers match you

Direct: Number of matches

Portal: Buyer profiles + alerts when
new buyers match

Start tool

30 sec

Benchmark Tool

Your performance vs sector

Direct: Position indication

Portal: Full benchmark report
+ quarterly updates

Start tool

30 sec

Buyer Appeal Scan

Which buyers want you

Direct: Top buyer type

Portal: All buyer types ranked + appeal factors
+ matching profiles

Start tool

1 min

Timing Scan

Market timing analysis

Direct: Timing score

Portal: Detailed timing report
+ market alerts

Start tool

2 min

Sale Readiness Test

How prepared are you

Direct: Readiness score

Portal: Full assessment
+ personalized action plan

Start tool

Industry Report 2025

Everything on this page, plus: 12 additional deal cases, detailed subsegment analysis, and 2026 outlook.

Follow This Sector

Receive updates when valuations change, new buyers emerge, or relevant deals close.

  • Valuation changes
  • Deal announcements
  • New buyer profiles
  • Quarterly updates