The partial or total divestment of tower operations has been a popular way for MNOs to unlock funds and shareholder value, and reduce their debt mountains, over the past few years. However, the bubble may have burst on valuations for tower divisions, and in Europe in particular, the market is becoming highly consolidated, and the largest towercos are looking for new ways to expand, as they have been doing for some years in the USA. This may mean that the MNOs’ haste to offload these assets will have unintended consequences, if giants like Cellnex and American Tower use their expanded footprint and unregulated status to challenge their telco customers in emerging opportunities such as edge computing or active enterprise networks.…