Overview:
Vodafone has sold an additional 10% of Vantage Towers for €1.3 billion, completing a debt-reduction strategy. The total proceeds from the sales now reach €6.6 billion, with Oak Holdings controlling 89.3% of Vantage Towers and Vodafone retaining 44.7% effective ownership.
In Details:
LONDON (a report by ) -Vodafone, a British company, announced that it has sold an additional 10% of Vantage Towers for a total of 1.3 billion euros ($1.4 billion), enabling it to fully align its ownership in a consortium that manages mobile phone masts throughout Europe with infrastructure investors.
The share sale is the last phase of an agreement that Vodafone announced in 2022, when it stated that it would sell Global Infrastructure Partners (GIP) and KKR a portion of its Germany-based masts company in order to obtain money to pay down its debt.
Vodafone announced on Monday that the profits from the Vantage Towers sale had reached 6.6 billion euros, including the 1.3 billion euros from the most recent transaction.
Following the acquisition of the 10% interest, Vodafone announced that Oak Holdings now owns 89.3% of Vantage Towers, with Vodafone’s effective ownership remaining at 44.7%. Oak Holdings is the partnership that co-controls Vantage Towers.
According to the business, Vodafone aims to operate in the lower part of its 2.25x – 2.75x leverage range, and the proceeds from the most recent transaction will reduce net debt by 0.1x.
