Swedish activist investor Cevian Capital has taken a stake in U.K. telecommunications company Vodafone and is pushing for changes, including board refreshment, consolidation deals, and improved focus.

According to Bloomberg, which cited people familiar with the matter, Cevian has been holding discussions with Vodafone for months about ways to improve performance. Some of the ideas discussed include consolidation in key markets, asset sales, and stock buybacks, according to Bloomberg’s sources.

Pressure from Cevian comes as Vodafone is seeking to make deals to consolidate its presence in major European markets, including the U.K., Germany, Italy, and Spain. In addition, Vodafone held discussions with Deutsche Telekom about a combination of their tower businesses.

Cevian has increased its focus on the U.K. market in recent years, after a few campaigns in Continental Europe, like ThyssenKrupp and ABB, delivered mixed returns. The activist investor’s last three investments are in U.K.-listed companies, including education company Pearson and insurer Aviva, according to Activist Insight Online. Harlan Zimmerman, a senior partner at Cevian, said in an interview with Activist Insight Monthly in September that there are pockets of undervaluation in the U.K. market, making it attractive for value investors.

“If you take a U.K. insurance company and compare it with a U.S. insurance company or even European, at the moment it would be undervalued,” Zimmerman said.

The U.K.’s largest companies have been facing increasing pressure from activists. Consumer giant Unilever is reportedly targeted by Nelson Peltz’s Trian Partners, Shell is facing breakup calls from Third Point, and Elliott Management is closely watching the breakup of GlaxoSmithKline.

Vodafone shares have lost 32% of their value over the past five years, while the FTSE 100 Index gained 3.9%. Vodafone’s peers like BT Group and Three owner CK Hutchinson have also seen their stocks decline double digits over the past five years.