Greater levels of passive, and even active, infrastructure sharing are being driven by the looming costs of 5G, the failure of the industry to reduce those significantly in time for the first wave of build-out and the difficulty of generating significantly higher revenues. To make it worse for operators in some markets, there is also higher competition. Some will come from cable operators, webscalers or private enterprise deployers leveraging shared or specialist spectrum to deploy 5G in high value locations or verticals, squeezing MNOs’ addressable markets. And some will come from regulatory moves to increase competition by introducing new conventional players. Italy is one example of a market where hard-pressed operators sought consolidation in order to improve their economics, only…