Telefónica has sold them, Orange is spinning them off, Vodafone is preparing an initial public offering (IPO). And Deutsche Telekom? The largest of Europe's telecom superpowers seems in no hurry to do anything in particular with its towers, the masts that support mobile network equipment. "The fact we haven't made any decision doesn't mean the value has been lost," said Christian Illek, Deutsche Telekom's chief financial officer, on a call with reporters last week.
Possibly not. But Deutsche Telekom's options could be limited if it dallies much longer. Cellnex, a towers specialist, is building a European empire through takeover activity, energized by investor enthusiasm for infrastructure assets. Its latest deal in Poland, announced with Polkomtel Infrastruktura last week, would give it about 128,000 sites in a region that was home to fewer than half a million as recently as 2019. With 82,000, Vodafone's Vantage Towers is emerging as another powerbroker. The rise of these titans already limits the opportunity for everyone else.