Waterland Private Equity is acquiring Lebara Group, the owner of the Lebara MVNO that has racked up some four million customers in Europe. No price has been given, but the deal is likely the start of a MVNO acquisition spree – as both MNOs and investment vehicles attempt to secure their grip on the customers themselves. Our long-term view of the market will see MNOs acquire MVNOs to bring customers back into the fold. As the lines between fixed and mobile operators have been so blurred over the past decade, the next decade will see smartphones become the primary media consumption device – as televisions decline in importance, and to some extent the WiFi access point too. In parallel, we…