More and more mobile network operators (MNOs) are selling their masts to tower companies, while maintaining ownership of the active equipment.
MNOs can either move towers into a fully owned legally separate company or sell, partially or completely, the passive equipment to tower companies or other stakeholders or funds.
Cullen International’s benchmark analyses the business models adopted in 23 European countries, whether tower companies are registered under the general authorisation regime and if governments adopted specific legislation to stop foreign takeover of tower companies.
The benchmark found that 46 of the 58 analysed MNOs partially or completely sold their towers.

In many cases, Cellnex bought towers from MNOs. Vantage Towers operates in nine different countries, although not all countries with the presence of Cellnex or Vantage Towers are covered.
In just over half of the analysed countries, tower companies are registered under the general authorisation framework.
No government adopted specific legislation aimed at stopping foreign takeover of towers. However, many countries have general legislation to screen foreign investments in critical sectors.
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