Europese telecom-bedrijven willen fuseren

The result could be a radical reshaping of Europe's telecommunications landscape as companies rush to absorb smaller operators in individual countries and then move on to bigger cross-border deals in a race for size. Across the European Union, well over 100 fixed and mobile operators are owned by dozens of companies—and operators argue they are too fragmented to keep up with heavy investments in new networks.

Multiple factors are fueling the consolidation drive. Operators, which long have pushed for consolidation, are worried that cheap debt amid historically low interest rates could get more expensive as the European economy recovers.

Also, a rising stock market has led to more public offerings, putting more companies in play. At the same time, executives are worried about being locked out by bigger competitors, including from overseas.