This month saw the return of the annual TowerXchange European meet-up, which has turned into a fully-fledged conference in recent years. This event took place in the context of a few feverish years of M&A activity among Europe’s mobile operators and towercos. Most major operators have carved out or sold off at least a substantial portion of their towers and other site infrastructure; neutral hosts and the infrastructure investors and pension funds that back them have had a feeding frenzy in terms of new markets and expanded portfolios. Now, however, most of the giant deals have been done in this region, and inflation is depressing the appetite for M&A, even though the markets continue to favor infrastructure stocks (which usually…