Hutchison’s Three group of operators in Europe and Asia-Pacific has never quite lived up to its disruptive potential. The Hong Kong telecoms company launched the subsidiaries in six European countries (Austria, Denmark, Ireland, Italy, Sweden and the UK) at the start of the century and of 3G roll-outs. The parent has stuck by its sometimes ailing children and steered them slowly to profit, and they have certainly had a strong impact as challengers in their various markets. But they have remained disadvantaged in terms of spectrum and market share. That may change with 5G. A more open approach by regulators to infrastructure sharing, spectrum allocation and M&A will allow the operators to intensify tactics which they already use to reduce…