Look at the history of network build, people take risks, firms are acquired when they get into trouble and consolidation occurs. Unless it’s viewed as anti-competitive from a regulatory perspective, that’s normal. I mean back in the day there were terms in the cable franchises to prevent them from merging into a national network because BT was state owned and that wasn’t desirable, look how that played out. It’s a fair assumption that CF is finding things financially tougher than it had planned for, the world is different now, the latest layoffs suggest something is going to change sooner or later, either another investment fund takes a large punt on them, they gain additional gov funding to do work, or they have to drastically reduce costs and increase profitability in another way eg scale back build. OR won’t buy them, Sky and TT have seemingly decided that self build is a bad idea, Voda? Network build is a money pit, generally that means debt which needs to be serviced with decades of payback.
Now is it likely? Well that’s a whole other question.