Europe’s largest pure-play towerco, Cellnex, held its capital markets day last week, setting out details of its aggressive cost efficiency plans which includes pulling back from private networks – though the firm is still looking for new sources of revenue. In the later 2010s, Cellnex was on a wave of expansion, mainly through acquisition of tower portfolios but also diversifying into adjacent businesses including private networks and active RAN sharing. Over a year ago, however, it said the era of large-scale acquisitions was over, and appointed a new CEO who has been pulling back from some new businesses. This strategy is common to several large and formerly expansionist towercos, such as Crown Castle in the USA, as these infrastructure operators…