There has been a spate of similar 3G deals recently, which firms with an either/or selection of specialties have been able to cash in on. They revolve around servicing the 3G broadband wireless networks and finding ways to set up masts and deal with the planning minefield. Here, EuroMast will use Railtrack’s property portfolio and Marconi’s property rights to construct 5,000 shared masts. Railtrack will also take a stake in Marconi’s optical network subsidiary Ipsaris.

Railtrack has long been a jewel in Simmons’ crown, just not a very sexy one. But here it is getting involved in the future of the telecoms industry. Simmons capitalises on a strong client and a boost to its reputation, particularly in telecoms.