The drive for consolidation and demand for new technologies have energized the European telecom community in 2013, with merger-and-acquisition activity at its highest level since 2003, according to Dealogic. The telecom sector accounted for nearly a fifth of all European M&A activity in the first half of the year, a trend analysts expect to continue. "Notwithstanding the deals that have happened, the industry continues to reshape to address the ongoing opportunities, including convergence, and challenges. There is still plenty to be done," said Cyrus Kapadia, Lazard's deputy head of U.K. investment banking.

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