Why operators are buying back the assets they sold

Mobile and fixed operators spent years selling off towers, fibre networks, and other passive infrastructure to cut debt and free up cash. Specialist towercos and infrastructure funds stepped in, taking ownership and leasing the assets back to operators under long-term contracts. Now some operators are reversing course, using buyback clauses to regain control of the same networks they once sold.

A few forces are driving this turnabout. Inflation and rising interest rates have pushed up lease costs, making long-term rental less attractive than owning. Operators also want tighter control over critical assets as data demand grows, 5G rolls out, and network quality becomes a key competitive edge. Some see better value in capturing the full economic upside of their infrastructure rather than sharing it with third-party landlords. The earlier wave of sales was about shoring up balance sheets; the current wave of buybacks is about cost control, strategic flexibility, and long-term network planning.