The global telecommunications sector has been transforming rapidly as a result of deregulation; privatisation; competition from smaller telcos due to their ability to list on NASDAQ index; convergence of media and communication sectors; and driven by rapid uptake of Internet-related activities. Like many businesses, telcos expected to increase market capitalisation through dot.com floats, perceived broadly as a measure of profitability. Despite the recent spate of dot.com crashes, telcos have been actively promoting dot.coms, and even developing electronic markets. Our exploratory study investigates this phenomenon, studying the eBusiness driven transformation, taking into account the move towards new technologies such as broadband delivery. The paper describes our qualitative, document-based investigation of the Australian and Indian telecom sectors, together with a preliminary quantitative analysis of the impact of dot.coms on market capitalisation within the sector. We have applied the theory of Transaction Cost Economics to the quantitative analysis to explain the reduction of costs through dot.com floats. Further, by applying theories of telecoms liberalisation, such as neo-liberal and alternative accounts (Bagchi, 2000); theories of adoption such as innovation-diffusion (Roger, 1995) and catch-up, forge-ahead, fall-behind theory (Abramovitz, 1986) to the synthesised findings, we have derived cross-economy perspectives in the eBusiness driven growth of the telecoms sector. The paper provides practical assistance to telcos and policy makers in the economies reviewed and have the potential to contribute to academic research in eBusiness and telecommunications more generally.