Vodafone sells further 10% stake in Vantage Towers for 1.3 bln euros (updated)
22/07/2024 07:43
(Adds background)
LONDON, July 22 (Reuters) - Britain's Vodafone VOD.L
said it sold a further 10% stake in Vantage Towers for 1.3
billion euros ($1.4 billion), bringing its ownership in a group
which controls European mobile phone masts down to its intended
level with infrastructure investors.
The stake sale is the final part of a deal announced in 2022
when Vodafone said it would sell a chunk of its Germany-based
masts company to Global Infrastructure Partners (GIP) and KKR to
raise proceeds to reduce its debt.
Vodafone said on Monday that the 1.3 billion euros from
the latest sale took total proceeds from the Vantage Towers sale
to 6.6 billion euros.
Oak Holdings, the partnership that co-controls Vantage
Towers, bought the 10% stake and following the deal, Vodafone
said Oak Holdings owns 89.3% of Vantage Towers, with Vodafone's
effective ownership at 44.7%.
The proceeds from the latest sale would cut net debt by
0.1x, in line with Vodafone's target of operating in the lower
half of its 2.25x - 2.75x leverage range, the company said.
($1 = 0.9190 euros)
(Reporting by Sarah Young; Editing by Kate Holton)
((sarah.young@thomsonreuters.com; +44 20 7542 1109; Reuters
Messaging: sarah.young.thomsonreuters@reuters.net))