As of late, scores of companies are investing billions of dollars in the next wave of fifth-generation coverage. This 5G standard promises to speed data flow to mobile and other wireless devices such as personal computers, cars and industrial machinery.

The latest deal underscores that frenzy as American Tower Corp. entered into definitive agreements this week with Telefónica SA, under which it will acquire Telxius Towers for $9.4 billion. This comprises approximately 31,000 existing communications sites in Germany, Spain, Brazil, Chile, Peru and Argentina. In addition, American Tower expects to spend approximately $500 million to construct a committed pipeline of approximately 3,300 new sites in Germany and Brazil through 2025.

It is an understatement to say that investment dollars are flowing into the wireless sector. The Federal Communications Commission's recent sale of wireless licenses fetched more than $69.8 billion after three weeks of bidding, a record sum that could alter cellphone carriers' prospects for the next decade. The auction proceeds topped the $44.9 billion raised in 2015 by an earlier sale of mid-range cellular licenses which at the time, US cellphone carriers used to enhance 4G service.