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Can your inorganic growth strategy adapt to the convergence era?Executing transactions amid high valuations and uncertainty in a rapidly changing TMT landscape
“M&Ahasbecomeanimperative.Gone arethedayswhenM&AwasanoccasionaloptionforbuildinggreatTMTcompanies.TherelentlesspaceoftechnologyandbusinessmodeldisruptionnowrequiresM&AtobeacontinuousandongoingelementofanyeffectiveTMTstrategy.”
Clarence Mitchell EYGlobalTMTStrategyLeader AdvisoryServices
2 | Can your inorganic growth strategy adapt to the convergence era?
From2014through2016,TMTM&Avaluessoared,witnessingthreestraightyearsofmorethan100dealsvaluedatover$1billion—and2017justmissedthatlevel,with95$1billion-plusdeals.Though2017TMTdealmakingremainedstrongbyhistoricalstandards,itslowedbecauseofuncertainty(geopolitical,taxpolicy,regulatory),theslowingofoutbounddealsfromChina,andtheneedtopauseanddigestdealsdoneinprioryears.
ThefindingsofEY’s17thCapital Confidence Barometer,however,giveusreasontobebullishaboutTMTM&Atocome.Overhalf(56%)ofrespondentsindicatedintenttopursueacquisitionsinthecomingyear.IndustryleadersareactivelyutilizingM&Aasacatalysttodrivegrowthandtransformation;weanticipatemoreindustry-shaping(andreshaping)dealsjustbeyondthehorizon.
SowhatisdrivingTMTM&Atoday?SeveralmacrotrendsareatplaythattendtoleadlargeTMTcompaniestoseekevengreaterscale,deepercustomerknowledgeandcomprehensiveend-to-endsolutionswhilepushingsmallerfirmstowardnichesinaparticularvaluechain.ThetoptworationalesdrivingTMTdealssince2014highlightthedriveforsolutiondepth,breadthandscale(seeFigure2,page4).
Figure 1: TMT announced deals 2014–17
2014
$899m $1,118m $1,001m $767m
2015 2016 2017
Deal volumeDeal value
Total: 2,874 announced M&A disclosed value of US$50m+
Averagedeal size
$608b $805b $763b $548b
677720
762715
Technology, media and entertainment, and telecommunications (TMT) companies’ business strategies are converging — and in flux. TMT is transforming rapidly, amid great uncertainty, as relentless innovation powers the development of new services and business models while often creating faster or lower-cost ways of doing what’s possible today.
3Can your inorganic growth strategy adapt to the convergence era? |
Overview Business model change and still-rising competition fuel TMT M&A
AkeythemeemerginginrecentyearsisabroadeningoftheM&Acompetitivelandscape.Gonearethedayswhentherewasaclearprofileofthelikelyacquirerforapotentialtarget.TMTcompaniesarenowattractivetargetsforbuyersacrosstheTMTsectors,aswellasincreasinglyforprivateequity(PE)firmsandnon-TMTcompaniesalike.PEhasplayedaparticularlynotable
role—thenumberof$1billion-plusTMTacquisitionswithPEsponsorsdoubledfrom2015to2016.Giventherecordlevelsofdrypowderandincreasingwillingnesstopayhighervaluations,weexpectthatcompetitionfromPEwillcontinuetobearealityforwould-beTMTacquirersthroughout2018andbeyond.
4 | Can your inorganic growth strategy adapt to the convergence era?
Enhance existing product and service portfolio
Gain market share in existing segment/geography
Enhance digital capabilities
Gain exposure to new geographical markets
Transform product and service portfolio
Improve customer engagement
Drive business efficiencies and cost control
Integrate/extend value chain position
Other
5443
75
4625
49
51717
131414
171111
177
53
8
55
3
73
1 Telco Media Tech
Deal rationales as % of acquirer M&A
Figure 2: Global TMT M&A deal drivers 2014–17
InadditiontothetrendsdrivingoverallTMTM&A,therearespecifictrendsdrivingcross-sectorconvergence—bothwithinandoutsideTMT.“There’shardlyacompanyleftthatdoesn’tthinktechnologyisgoingtobecoretotheirabilitytosucceedinthemarketplace,”notesClarenceMitchell,EYGlobalTMTStrategyLeader.Hence,we’reseeingdealssuchasFord’s$1billioninvestmentforamajorityofearly-stagestartupArgoAI,Walmart’s$3.3billionacquisitionofJet.com,Verizon’smultipledealsforarangeofInternetofThings(IoT)targetsand—intheotherdirection—Amazon.com’s$14.6billionacquisitionofWholeFoodsMarket.
Butthatbidirectionalmegatrendisn’ttheonlycatalystfor“convergencedeals”(seesidebar,adjacent)amongTMT’sthreesectors.There’salsothe“re-merger”ofcontentanddistribution,leadingtoconvergenceamongmediaandentertainment(M&E)andtelco;theinsurgenceoftechcompaniesintoM&E,withlargecontentappetites(andbudgets)oftheirown;andtechcompanies’appropriationoftelcocustomerdemandwithappsandservicesthat,ironically,relyontelconetworkinvestments.
Convergence deals“Convergencedeals”encompasstwotypesofgrowth-seekingM&AthathavegrowninrecentyearstobecomeacorecomponentoftheTMTgrowthagenda.
• Future-growth convergence: acquisitionsofsmall,oftenprivate,venture-backedstartupstopositionforanticipatedfuturehigh-growthmarkets.Targetstypicallypossessstrategictechnologyelements,potentiallydisruptivedigitalbusinessmodels,extremelyhard-to-findtalentorsomecombinationofthethree.
• Immediate-growth convergence:larger-scaleacquisitionstoachievemoreimmediategrowthbytargetingadjacentindustries.Targetstypicallyareincumbentsoperatingbusinessesthatcanextendfrom,orleveragetheuseof,thebuyer’scorebusinessorinfrastructure,complementingthebuyer’sexistingrevenuemodel.
32%12%
Is true vertical integration in the cards in TMT?
Telco targets as % of 2014—17 media acquirer deal value
Media targets as %of 2014—17 telco
acquirer deal value
Will non-TMT players be key competitors for assets in the future?
Non-TMT acquirers as a % of TMT deal value
15%17%
23%26%
2017201620152014
Figure 3: TMT convergence is ramping up significantly Figure 4: Deal flow between non-TMT and TMT is increasing
To paraphrase venture investor Marc Andreessen, technology companies are “eating” the world economy. But hang on: at the same time, the rest of the world wants to “eat” technology, too.
5Can your inorganic growth strategy adapt to the convergence era? |
Convergence along many dimensions
“Owningdemand—thecustomerrelationship—notthesupply isthekeytoverticalization.Youhavetoownthecustomerby providingatotalsolutionorownakeypieceofthevaluechain contributingtosomeoneelse’ssolution.” WillFisher EYGlobalMedia&EntertainmentSectorLeader TransactionAdvisoryServices
Take,forexample,theradicalchangestothecontentdistributionmodelthathavetranspiredinrecentyears.“Technologyhasmadeitpossibletofacilitateconvergenceofferings—especiallytheemergenceofwirelesstechnologiesaspotentialcontributionplatforms,”saysAxelMajert,EYGlobalTelecommunicationsSectorLeaderforTransactionAdvisoryServices.Customersarenolongermarriedtothetraditionallinearvaluechainandcanselectfromarangeofalternatives.SaysMajert,“thenewdistributionparadigmenablescustomerstodirectlyaccesscontentproducers,aggregatorsanddistributors,inpartdrivingtheseformsofconvergencedeals.”AsmobiletechnologycontinuesalongitsScurve,TMTconvergencedealswillberequiredtoaddresscontentdeliveryonthenextplatform—andthecyclecontinues.
OuranalysispointstothreekeydriversbehindTMTconvergencedealsinrecentyears:
• Outrunning consumer behavior—WhilemostTMTcompaniesstruggletokeepupwithshiftingconsumerbehavior,convergencedealmakersmustkeepaparticularlykeeneyeouttostayinsync.Oneexamplecomesfromthetriple-andquad-playbundlesemergingfromconvergencearoundmultichannelvideoprogramdistributors(MVPDs),telcofixedandmobileoperators,andcontent.
• Verticalization—M&Acanenabletheintegrationofacompletevaluechainalignedtocustomerdemandforaparticularcomprehensiveend-to-endsolution.Verticalizationrepresentsamergingofvaluechaincapabilitiesalongsideadrivetotailorservicestoindustry-specificcustomers.
ConsiderIoT;itspromiseistodeliveroutcomessuchasfitness,forexample,asopposedtoanactivity-trackingdevice.Deliveringtheend-to-endfitnesssolutionrequiresthatdevice,butmore:itmustbelinkedtoextensivesoftware,analyticsandmultipledatabasesinthecloud,allorientedaroundthecustomer’sgoal.
• Race for data—Anothermotivationfordealactivityisthepotentialtolaunchnewrevenue-generatingmodelsbuiltonbigdataanalyticscapabilities.Artificialintelligence(AI)systemsenablemonetizationofdataassetsthatwasnotpossiblejusttwoyearsago.InTMT,combiningcustomerdatawithexistingcontentoradvertisingassetscanyieldsignificantrevenuegrowththroughbettertargetingandpersonalization.
6 | Can your inorganic growth strategy adapt to the convergence era?
As potential future business models multiply and evolve, complexity, convergence and the need for scale and speed to market are all accelerating each other. A wise TMT company needs more bets on the table than can be covered by M&A alone.
2014
2015
2016
2017
69 26 64
139 63 95
168 83 104
302 126 99
MediaTech
Number of partnerships
Telco
Figure 5: Global TMT strategic partnerships by sector
Partnerships rising
That’swhyoneoftheclearestdatapointstoemergefromourresearchistherapidgrowthofstrategicalliancesandpartnershipsacrossallthreeTMTsectors.Partnershipssoaredata35%compoundannualgrowthrate(CAGR)intech,telcoandM&Efrom2014through2017toanaggregate527deals(seeFigure5).Onayear-over-yearbasispartneringannouncementsalmostdoubledin2017fortechcompanies,mediapartnershipdealsjumped52%andtelcopartnershipdealsdeclined5%.
Beyondthedata,EYhasseenaqualitativechangeinthenatureofTMTpartnerships.“Manypastpartnershipswerelooseraffiliations,”saysMitchell.“AlliancestodayinTMTarefrequentlymoresignificantandtightlyintegrated.Partnersaresharingdata,jointlydevelopingproductsandofferings,andactivelybuildingecosystemsandplatforms.Thereismorerealoperationalintegrationbetweenpartners.”
UnlikeM&A,partneringresourcescanbeadjustedupordownovertime.That’scriticalinthecurrentfast-changingenvironment,wherebusinessstrategiescanshiftrapidly.“Partnershipsareidealfororganizationslookingtodiptheirtoesinthewaterwithoutafullcommitment,”notesMitchBerlin,EYAmericasOperationalTransactionServicesLeader.
7Can your inorganic growth strategy adapt to the convergence era? |
Thesearehardquestionswithfewclearanswers.Evenafterdeterminingtheoptimalstrategicdirection,TMTcompaniesmustthenchooseamongawiderangeofinorganicgrowthpathstoachievetheirconvergencegoals,fromtraditionalM&Atoincubation,corporateventuringandpartnerships.
Common challengesTherearethreecommonrootcausesforfailedM&A:badstrategy,overpaymentandbotchedintegration.TMTconvergencedealsmustcontendwiththeseissues,too—andmayfindthemexacerbatedbyalackoffoundationalknowledgeinthetargetbusiness.
“Firstofall,howdoyouknowwhatyou’rebuyingorevenhowtoappropriatelyvalueacompanythatissofaroutsideofwhatyoudoeveryday?”asksBerlin.“Andwhatdoeseffectiveintegrationlooklike?Wheredoyoufallonthespectrumbetweencompleteintegrationandleavingitstand-alone?Thereisnoonerightanswertothesequestions.”
Target selectionGeneratingastrongacquisitionpipelineandpursuingtherighttargetsareparamounttoanyinorganicgrowthstrategy.Intoday’sTMTlandscape,withhyper-fluidbusinessmodelsandchangingconsumerbehavior,thiscanbeparticularlychallenging.SowhereshouldTMTcompaniesplacetheirbets?Majertnotes,forexample,that,“TelcoshaveanincrediblybroadrangeofconvergenceoptionstochoosefromintheirM&A.Somearegoingintocontentandadvertising,othersareextendingintoenterprisecloudservices,andsomehavegonequitedeepintoverticals.”
ValuationIntoday’scompetitiveTMTM&Amarket,gettingtherightassetfortherightpricerequiresmorecarefulanalysisthanever.Companiescanoptimizetheirvaluationbyconsidering—andquantifying—differentsourcesofvaluefromeachdeal.Take,forexample,asmall,loss-makingtechstartupwithsignificanttalentandintellectualproperty(IP).AnEBITDA(earningsbeforeincome,taxes,depreciationandamortization)multipleapproachalonewillnotinformthetruevalueofthebusiness.Athoughtfulacquirerwillseparatelyplacevalueonthetalent,IPandtaxattributesthatcouldgeneratevaluefromthedeal.
What types of technology and content would best complement our growth strategy?
Where are the best acquisition and partnership opportunities?
What deals might head off disruption from below or orthogonal competition from out-of-sight?
Which offer the largest and fastest revenue growth?
Which lead to the best business model of the future?
How can we use new data assets in disruptive revenue-generating models?
8 | Can your inorganic growth strategy adapt to the convergence era?
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Getting convergence right
TMT companies face a multitude of tough questions when evaluating convergence options:
Effective integrationAsthesheerpaceofTMTchangeaccelerates,therehasneverbeenmorepressuretointegratequickly—andtoshowresults.Buttheincreasingneedformergerintegrationspeedfacesacounterpoint:manyTMTdealsrequirenewintegrationthinkingtodrivedealvalue—andcertaindealsmayrequirethrowingawaythetraditionalintegrationplaybookentirely.Settingasidedealsize,mergerintegrationchallengesgenerallyincreaseinproportiontothedifferencebetweentheacquirer’sandtarget’slegacybusinesses.
“Integrationstrategyisanessentialcomponentofassessingthepotentialbenefitsofanydeal.ThisisespeciallytrueforM&AinTMTwherethepaceofindustrialchangerequiresseamlessexecutionlongpastclosing,”saysJohnHarrison,EYGlobalMedia&EntertainmentLeader.Whethertheaimofthedealisastraditionalascosttakeoutorasnuancedasverticalization,companiesneedtodesigntailoredintegrationplansthatcanbemobilized—fast.
Let’sstartwithtraditionalTMTconsolidationsorientedaroundscaleandcost-outsynergies.Whiletheoldplaybookmaystillholdtrueformanyofthesedeals,thetimelinemustbeacceleratedtoenablerealizationofsynergiesimmediatelyfollowingthedeal’sclose.Using“cleanrooms”andadvisors,companiescanhavedetail-levelintegrationandsynergycaptureplansinplacebeforethedeal’scloseand
reportrealizedvalueimmediatelyafter.Incostsynergy-driventransactions,timeis,literally,money.
Whenpursuingamoretransformativeacquisitionoutsideanorganization’scorebusiness,companiesmuststepbackandthinkaboutthedegreeofintegrationthatwillbestenablethedeal’svaluedrivers,aswellastheidealspeedwithwhichtoachieveit.Inadealaimedatstrategicallygrowingacompany’sportfoliothroughtheadditionofawhollynewbusinessunitorgeography,itmaymakesensetotakeameasuredapproachtointegrationandgettoknoweachotherabitbeforedesigningthetargetoperatingmodelwhilestillcapitalizingonshort-termwinopportunities.
Inconvergencedealsinparticular,thekeytointegrationistwofold:
• Guardingthetarget’soperationsothatthethingsyouvaluemostaboutit—itsabilitytoinnovate,itsculture,itsconnectiontothemarketyou’retryingtoenter—don’tgetdamaged
• Effectivelyincentivizingtargetleadershipandemployeestoacceleratevaluecreationbyallthosethingsyouvalueaboutthetarget
Thecriticaldifferencetokeepinmindforconvergencedealsisthatyou’reunlikelytorealizethevalueofthedealwithoutadoptingimportantnewbusiness
behaviors.Behavioralandprocesschangescouldincludeidentifyingandincentivizingtherelativelyfewbusinessbehaviorsthattrulymakeadifferencetoasuccessfuldealoutcome;operatingmodelchangesthatpromotethekeybusinessbehaviors;andmodularintegration,becausenoteverythingneedstobeintegratedasquicklyaspossible—andperhapssomefunctionsshouldn’tbeintegratedatall.Werecommenddeterminingthedifferentlevelofintegrationfunctionbyfunction.
“Thebigthinginconvergencedealsistodesignawinningoperatingmodel—onethatbridgesthegapbetweenthetwocorporateculturesinawaythatalignseveryonebehindthestrategicgoalsoftheneworganization,”saysBrianSalsberg,EYAmericasM&AIntegrationLeader.
Forexample,ifrapidtimetomarketisastrategicgoal,thenakeybusinessbehaviortocultivatethroughtheoperatingmodelwouldbeexplicitclarityastowhointheorganizationhasdecisionrightsonproductdesign,pricingandmarketingissues,andhowquicklythosedecisionsmustbemade.Inthiscase,definingshort-termsalesgrowthtargetsmaynotevenapply,especiallyforstill-embryonicmarketssuchasAIandIoT,wherealltheusesofthetechnologymaynotyetbeclearandtargetsmaynothaveanyrealrevenuetobeginwith.
9Can your inorganic growth strategy adapt to the convergence era? |
ThesameinnovationdrivingTMTM&AandpartneringvirtuallyguaranteesthatTMTcompanybusinessstrategywillcontinuetochange.Companiesmustcontinuetoevaluatetheirportfoliostodeterminewhichassetswillbeaccretivetotheirfutureambitionsandwhichwillnot.
“FordiversifiedTMTcompanies,divestingbusinessesthatnolongerfitwiththecorestrategyorhavelowergrowthpotentialfreescapitalandmanagementresourcestoinvestinmoreattractiveareas,”saysHarrison.
Berlinpointsoutthat“serialdivesters”aretypicallyamongthe“healthiest”companies:“Serialdivestershaveamodelinplaceandtreattheirbusinessunitsalmostasiftheywereaprivateequityfirmmanagingportfoliocompaniesinafund.They’llanalyzetheirportfolioquarterlyorsemiannually,andmakedisciplineddecisionsaboutthevalueofaunittotheirorganization,andwhetheritmightbemorevaluabletoathirdparty.”
RecentEYresearchreinforcedthisidea,findingthatfast-growingTMTcompaniesperformedcapitalbudgetingprocessesmoreoften,comparedwithbothslow-growingTMTcompaniesandfast-growingnon-TMTcompanies.1
Inshort,intheeraofconvergenceandtechnologicaldisruption,TMTcompaniesneedtoregularlyreviewtheirportfoliosandbewillingtotakeboldactionbasedonthefindingsofthosereviews.
With advancing technology constantly making new things possible, company building is no longer a straight-line pursuit.
Divesting to grow
Non-core business
Debt reduction
Declining technology
Unattractive market
Underperforming business
Funding for acquisitions
Joint venture creation
Regulatory requirement
Attractive valuation
Shareholder distribution
22
15
12
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10
Note: aggregate deal value is $153b, average deal value is $3.1b
Top 50 divestitures by deal value 2014–17: rationales
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2 Compliance driver
Financial driver
Strategic driver
Figure 6: Business and technology imperatives drive the TMT divestiture rationale
1BarakRavid,SamuelLeiterandNinaLapachet,“Canthecapitalallocationprocessbeacompetitiveadvantage?”EY-Parthenonwebsite,parthenon.ey.com/po/en/perspectives/ can-the-capital-allocation-process-be-a-competitive-advantage.
10 | Can your inorganic growth strategy adapt to the convergence era?
Ventureinvestmentisseedingthousandsofstartupsdrivingongoingcyclesofdisruptivetechnologies,whileprivateequitysponsorsplayanincreasinglysignificantroleintheTMTM&Alandscape.
SuccessaccruessorapidlyintheworldofTMTthatcompaniesnotfirstorsecondtoanymarketriskirrelevance.
Meanwhile,theuncertaintiesmakedecision-making,especiallyaroundverylargecapitalallocationdecisionssuchasM&A,verychallenging,indeed.Whatismore,TMTM&Asuccesstodaysometimesmeansdiscardingtheoldmergerintegrationplaybook.Drivingdealvalueatthistransformationaltimerequiresnewthinkingandnewapproaches.
But…Does anybody think the pace of change in TMT will get slower from here?
Wedon’tthinkso.Instead,TMTcompaniescanlooktoM&Aandpartnershipsforthatmissingstrategiclinktocompleteanend-to-endsolution,forscalethroughconsolidation,geographicexpansion,convergencedealsorthekeydigitaltransformationcapabilitiestheyneed.
ConclusionTechnology-enabled disruption, business model uncertainty, record-high equity markets and cross-sector convergence are in the nature of the TMT industries today. You can’t escape them.
M&A and partnerships methodologyOurM&Adatacovers2,874announceddealsworldwidewithdealvaluesof$50millionorgreaterfrom1January2014to31December2017,andisbasedonEYanalysisofdatafromsourcesincludingThe451Group,S&PCapitalIQ,ThomsonONE.comandMergermarket.DealdrivershavebeenevaluatedthroughEYanalysisoftheannounceddealsduringthisperiod.
ThepartnershipsdataisbasedonEYanalysisofstrategicpartnershipsannouncedby82leadingcompaniesrepresentingatotalof15TMTsubsectors,selectedonthebasisofoverallandsegmentrevenuesize.Partnershipsannouncedbetween1January2014and31December2017wereevaluated.Vendor/reselleragreementsandIP/contentlicensingarrangementsinvolvingunilateralflowofmoneyareexcludedfromthepartnershipassessmentperformedbyEY.Incubatorresearchisalsobasedonthisuniverseof82TMTcompanies.
Foramoredetailedreviewandfurtherdiscussionofthedataandanalysisbehindthisreport,contactourarticlecontributorsnamedonthebackpage.
11Can your inorganic growth strategy adapt to the convergence era? |
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Contacts:
John Harrison EYGlobalMedia&EntertainmentLeader+1 212 773 6122 [email protected]
Axel Majert EYGlobalTelecommunicationsSectorLeaderTransactionAdvisoryServices +34 917 493 303 [email protected]
Will FisherEYGlobalMedia&EntertainmentSectorLeaderTransactionAdvisoryServices+44 20 7951 0432 [email protected]
Clarence Mitchell EYGlobalTMTStrategyLeaderAdvisoryServices +1 212 773 8682 [email protected]
Mitch Berlin EYAmericasOperationalTransactionServicesLeaderTransactionAdvisoryServices +1 212 773 7941 [email protected]
Brian Salsberg EYAmericasM&AIntegrationLeaderTransactionAdvisoryServices +1 212 773 3462 [email protected]
Adrian Baschnonga EYGlobalTelecommunicationsLeadAnalyst+44 20 7951 1724 [email protected]