Driving this trend is a realisation that British telecoms stocks are undervalued. Even with their recent boost, BT’s shares are down by more than a third over the last five years. Vodafone’s shares have dropped by almost half over the same period.
Heavy investment in infrastructure such as 5G and full-fibre broadband has weighed on the company’s finances, while tough retail competition has put pressure on consumer prices and squeezed margins.
But now, with the bulk of this investment in the rear-view mirror, investors are seeing an opportunity.
“They are just undervalued and some of these investors are looking to seize opportunities, potentially short term, potentially longer term,” says Mann.
Egan adds that the telecoms industry can be “a bit impenetrable” to general investors given the complex technology and regulatory issues involved.
“It’s perhaps not surprising that we’re seeing experienced telecoms specialists buying into value stories that others struggle to get comfortable with,” she says.
At Vodafone, Niel also has other interests – namely the carving up of the company’s European operations.
Earlier this year, the French billionaire, also involved in telecoms, mounted a €10.5bn (£8.9bn) bid to merge Vodafone’s Italian business with his own company Iliad. However, this was rebuffed, with the British company ultimately choosing Swisscom instead.
The jilting has not gone down well with Niel. In an interview last weekend he said: “We’ve lost a lot of money since we bought our shares in Vodafone. And I’m not sure of the management of this company.”
It is not just billionaires who are interested in Britain’s phone-and-broadband providers: UAE-owned Etisalat has built a 15pc stake in Vodafone, becoming its biggest shareholder. The investment sparked an intervention from ministers, who warned there was a risk of “material influence” by the Gulf state.
The growing presence of foreign investors in a critical sector may also raise concerns for consumers who have been forced to swallow inflation-busting price rises in recent years.
Could these new shareholders drive BT and Vodafone to boost returns at the expense of investment in networks or push up prices for customers? Analysts say it is unlikely.
“If anything, people having confidence in [Kirkby’s] plan gives her additional confidence to pursue the strategy that she’s pursuing,” says Egan. “So I think it’s positive for her investment plans and investment in the UK.”
Still, the presence of a string of foreign billionaires on share registers means change could always be on the horizon – and bosses will have to be on their guard.
“I don’t see the strategy necessarily changing, but of course if these guys do take greater shares and become more influential there is always the potential that could change,” says Mann.
