The rapacious appetite of private equity firms has been well documented, and can be seen across the world and in a wide variety of industrial sectors. In 2006 there were 189 private equity funds with an estimated $250 billion worth of funds to invest. In the telecoms sector the incumbents Bell Canada, Eircom in Ireland and TDC in Denmark are now private equity-owned. This report takes a closer look at why the private equity sector is attracted to the telecoms sector.