Vodafone Group continued to tweak its holding in Vantage Towers, with a fresh move netting the operator €1.3 billion and delivering on a 50:50 ownership structure it committed to in 2022.
The UK-headquartered operator sold another 10 per cent stake in Oak Holdings, the partnership which jointly controls Vantage Towers. The deal leaves Vodafone with an effective stake in the infrastructure company of 44.7 per cent.
Once it receives the latest sum, Vodafone stated it will have raked in €6.6 billion from transactions relating to Vantage Towers. Proceeds from the latest sale “will be used for deleveraging” and contribute to the operator’s goal of operating in the “lower half of its 2.25-times to 2.75-times leverage range”.
Vodafone’s deal to divest its stake in Vantage Towers and form a joint venture with investment companies KKR and Global Infrastructure Partners valued the infrastructure unit at €16.2 billion.
At the time, the operator was tipped to raise €7.1 billion through the transaction.
The post Vodafone nets €1.3B in latest Vantage Towers move appeared first on Mobile World Live.
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