During a telephone call to discuss the prospects for further mergers and acquisitions in the telecoms sector last week, the line, perhaps ironically, cut out.

"That, I'm afraid, is a symptom of the industry," said the head of telecoms on the other end of the line when the call was reconnected. "There genuinely could be more investment in networks, and one of the reasons people are doing these deals is so that they can drive some synergies and are better positioned to make those investments."