Vodafone Begins Its “Third Chapter”
This was more of a mid-November 2013 story, but we have seen a number of related news stories in December 2013, which is underscoring the increasing diversification of mobile operator capital expenditure away from traditional mobile cellular investments of basestations, core network equipment, and backhaul links. In its mid-November 2013 semiannual financial results presentation, Vodafone put up a slide that explicitly stated that the operator sees itself moving into a “Third Chapter” of development. The years 1996 to 2002 was the pioneer “First Chapter,” in which the initial Vodafone mobile cellular brand was developed and big-ticket acquisitions such as Mannesmann and AirTouch were made.
In its “Second Chapter,” 2002 to 2012, Vodafone conducted a concerted push into emerging markets, made sure it had controlling stakes in its cellular network investments, and established economies of scale bet...
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