Overlaying 5G radio equipment at the ~20,000 cell sites operated by a typical MNO in the UK, Italy or France would cost an estimated US$1.25bn per operator, per country, and that’s before one considers the costs of densification, indoor coverage, edge computing and upgrading the core network. The telecommunications industry will need to access long-term, low cost capital which, combined with the impetus toward shared infrastructure to lower economic thresholds for 5G deployment, suggests deepening partnerships with towercos. This article combines insights learned from panel sessions featuring Arqiva, Cellnex, WIG and MBNL, with round tables led by Cornerstone and EdgeInfra at the TowerXchange Meetup Europe 2019.