J P M O R G A N Europe Equity Research 21 July 2026 Telco Chatter Jul 21: CLNX note, Spain RANco?, US/UK spectrum… Cellnex – Still struggle to find a compelling reason to buy (note here) Spanish Telcos – MasOrange and Vodafone revive RANco talks US Telcos – FCC proposes unlicensed D2D spectrum UK Telcos – Ofcom allocates upper 6GHz spectrum Bouygues – Preparing reorganisation of its operations BT – Shareholder sells ~1% stake via accelerated bookbuild Verizon – Fios adds 5Gbps plan with $90 switching offer ...