Li Ka-shing, chairman of Cheung Kong Holdings Ltd. [File photo]

The Spanish carrier said in early 2014 that it would keep its debt below 43 billion euros ($49 billion).

Europe's telecom industry is headed for further consolidation. A lighter regulatory stance toward consolidation and competition among wireless services may encourage deals in Italy, France, Spain and the Netherlands, according to Bloomberg Intelligence.

Revenue from telecommunications services in Europe will probably decline 1.5 percent this year after falling 2.2 percent last year, according to Ovum estimates. That improvement indicates a lower regulatory burden, wider adoption of fiber-optic and 4G networks, and the potential for improved pricing because of consolidation in Ireland, Austria and Germany.

Li, Asia's richest man, is reorganizing his empire, which ranges from Asian real estate to ports and telecommunications businesses across Europe. Earlier this month, he announced a $24 billion proposal to merge his two main holdings companies - Cheung Kong Holdings Ltd and Hutchison Whampoa - and spin off the real estate business.

Less than two weeks later, Li's companies announced they will spend at least 1.03 billion pounds to buy the UK's Eversholt Rail Group.

Li, 86, may just be getting warmed up. On Jan 9, Li's long-time deputy Canning Fok signaled that the Cheung Kong-Hutchison deal would provide more flexibility to invest in new businesses.

In November, Cheung Kong agreed to pay $1.89 billion to buy 45 planes from companies including General Electric Co's aviation unit.