Deal Talks

Stephen Rose, CEO at Render Networks, discusses why execution capacity has become the missing variable in the AI infrastructure boom, the bottlenecks slowing fibre and datacentre deployment, how this risk is being priced into deals, and what it will take to close the gap.

• Execution bottlenecks in digital infrastructure – 1:20
• The planning-to-delivery gap – 5:43
• Pricing execution risk into deals – 7:14
• Closing the execution gap: AI literacy and leadership – 10:17
• Key investor questions on execution capacity – 14:11
• Outlook: permitting and integration challenges – 16:34

Jim Ryan, SVP and CSO at Liberty Global, discusses the company's capital allocation priorities, the wave of European telecom consolidation and M&A, the rationale behind the UPC Slovakia sale, and emerging network funding opportunities tied to AI and data center demand. 

• Liberty Global strategy and capital allocation – 00:34
• European connectivity opportunities – 01:30
• Portfolio focus after UPC Slovakia sale – 02:53
• Defining a “good exit” in smaller markets – 03:40
• Regulation and European consolidation – 04:45
• Funding network upgrades: opportunities and constraints – 06:28 

• Towers M&A and consolidation drivers – 00:36
• Liberty Global strategy and capital allocation – 01:32
• European connectivity opportunities – 02:27
• Portfolio focus after UPC Slovakia sale – 03:50
• Defining a “good exit” in smaller markets – 04:40
• Regulation and European consolidation – 05:41
• Funding network upgrades: opportunities and constraints – 07:25

Krzysztof Wróbel, CFO and Management Board Member at Światłowód Inwestycje (S-I), discusses fibre financing and consolidation in Poland, key lender priorities, monetisation and take-up trends, and the company’s fibre rollout and M&A strategy.

• S-I’s landmark fibre refinancing – 1:02
• What lenders value in fibre operators – 3:03
• S-I’s rollout and acquisition strategy – 5:37
• Key risks and success metrics in fibre M&A – 10:11
• Consolidation trends shaping Polish fibre – 12:53
• Copper switch-off and fibre’s strategic importance - 16:46
• The next phase of fibre market growth – 19:36

Scott Baker, Managing Partner at Oak Hill Capital, discusses US fibre consolidation, how new pools of capital are reshaping the market, and where Oak Hill sees the greatest opportunities.

• Oak Hill’s US fibre consolidation outlook – 1:38 
• Lessons from scaling Metronet into a major FTTH platform – 3:47 
• Build vs buy market dynamics – 6:01 
• Bolt-on acquisition strategies – 8:07 
• Regional consolidation strategy – 9:31 
• Assessing the next phase of consolidation – 12:46 
• New pools of capital in the fibre market – 13:39 

Sachit Ahuja, Co-President of Tillman Global Holdings, discusses how 2025 shaped TGH’s investment strategy and its outlook for 2026, including the private tower market, a growing focus on US fibre, and global datacentre development.

• US tower market outlook for 2026 (0:46)
• Build-to-suit yields in the private tower market (4:10)
• Market shifts toward longer hold periods and patient capital (6:34)
• Expanding focus on fibre and open-access fibre (8:48)
• Entry into datacentres and defining edge assets (11:45)
• Energy transition as a standalone investment opportunity (14:07)

Simon McCormick, CCO of Echelon Data Centres, discusses how the dynamics between datacentres and utility companies are evolving in line with the changing risk-return profile of greenfield datacentre development across Europe and the US. 

• The JV partnership between Echelon and Iberdrola - 00:50 
• American/European approaches to the datacentre-utility-investor paradigm - 2:35 
• Risk perceptions and impact on traditional developer-led models - 5:20 
• Why Spain works; will the JV model work elsewhere? - 9:37 
• The Madrid-Sur project and future scalability - 13:05 

Emmanuel Becker, CEO of Mediterra DataCenters, discusses the importance of colocation datacentres in Southern Europe and beyond, integrating acquired assets, new M&A opportunities, and his mission to shift the focus to Tier II markets. 

• Identifying a gap in the DC market – 1:55 
• A new era of digital acceleration – 9:40 
• Mediterra’s M&A approach – 13:39 
• The crucial importance of Tier II markets – 16:51 
• Planning mid-voltage DCs in Southern Europe – 21:40 

Jake Robson, Co-Shareholder at Greenberg Traurig, discusses datacentre consolidation, private credit as alternative funding, and navigating geopolitical challenges, sustainability and talent gaps.

• Datacentre consolidation, strategic investor involvement - 2:25 
• Private credit as an alternative funding source in APAC - 7:12 
• Navigating rising costs from US-China tariffs - 8:13  
• How Chinese hyperscalers are navigating geopolitics - 10:17 
• Sustainability efforts and impact on deal structures - 11:44 
• Addressing talent gaps - 13:46 

Brian McMullen, Managing Partner & Co-Founder of Snowhawk and James Trout, CEO of CleanArc, discuss their partnership and what capital foundations are essential to create future-proof datacentre platforms.

• Snowhawk and CleanArc’s paths since inception – 0.35 
• Datacentre investment landscape over 36 months – 4.20 
• Unpacking Snowhawk and CleanArc’s tie-up – 10.50 
• Locating geographic opportunities – 14.50 
• Capital allocation avenues – 18.30 
• Factoring in energy resilience – 21.00