Vodafone’s multi-billion-euro towers deal is all about control
Vodafone has agreed a co-control deal for its Vantage Towers business with Global Infrastructure Partners (GIP) and KKR that could bring in cash proceeds of up to €7.1 billion.
Vodafone has agreed a co-control deal for its Vantage Towers business with Global Infrastructure Partners (GIP) and KKR that could bring in cash proceeds of up to €7.1 billion.
KKR has emerged as the favourite to acquire a stake in Vodafone’s towers business and could broker a deal very soon, if it gets its way, it emerged this week.
Vodafone is reportedly looking to sell a multi-billion-pound stake in its Vantage Towers business, a move that would help it reduce debt and keep shareholders off its back.
Vantage Towers aims to generate revenues of around the €1 billion mark in the current financial year, a modest increase on its pro forma turnover in full-year 2021.
Vantage Towers started trading in Frankfurt on Thursday as planned, priced at €24.00 per share, towards the lower end of parent Vodafone’s initial price range.
Vodafone will float Vantage Towers next week, raising up to €2.8 billion in the process.
Vantage Towers is attracting new customers from outside the Vodafone group, the latest being Sigfox Germany, with which it has just inked a 500-tenancy deal.
Vodafone will transfer its 50% stake in UK towers business Cornerstone to Vantage Towers, having brokered a deal with joint venture partner Telefonica to operate the unit as a commercial entity.
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