The COVID-19 pandemic spawned a number of opportunities as businesses across the world raced to meet essential needs. Remote work, virtual school and social-distancing measures accelerated the need for technology to adapt, which has resulted in an unprecedented transformation of the telecom sector. Accessible and affordable telecom services grew evermore important during lockdowns and proved to be a “pandemic-proof” industry for investors.

According to PwC, there has been a 28% year-over-year increase in M&A activity in the media and telecommunications sector, with deal value totaling a record $469 billion. Private equity deals in the space also increased this year, representing $194 billion of announced deal value, around three-quarters of which was concentrated in the internet and software space.