Table of contents 3
List of Exhibits 5
Executive summary 6

Section 1: Market context 7
Winds of change in the global wholesale market 8
Section 2: The evolving global wholesale player ecosystem 9
Three key trends 10
M&As 11
Open ecosystems 12
Internet players 13
Section 3: Case studies 14
Liquid Telecom’s acquisition of Neotel and Raha 15
Tofane’s acquisition of iBasis and Altice 17
CenturyLink’s acquisition of Level 3 19
PCCW’s acquisition of Console Connect 21
Google’s investments in undersea cables 23
Section 4: Key takeaways and recommendations 25
Appendix 27
Acronyms and definitions 28
Companies mentioned 30
About the authors 31
Related research 33
Contact information 34