Telecoms companies have spent the past few years furiously cutting their debt. But now they are starting to pile it on again.
Telecom Italia has taken on €14.5 billion of new debt to finance a merger with its mobile subsidiary TIM. Spain’s Telefónica has submitted a preliminary offer for Cesky Telekom, which it would probably finance with €5 billion of debt. And BT, the UK ex-monopolist, recently said that it was reviewing its debt target.
This revival of interest in borrowing is striking.
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