REG - Vodafone Group Plc - Completion of Co-Control Partnership for Vantage

VodafoneAnnouncement

23/03/2023 15:45

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RNS Number : 0624U  Vodafone Group Plc  23 March 2023

 

23 March 2023

 

Completion of Co-Control Partnership for Vantage Towers

 

 

Vodafone Group Plc ("Vodafone") announces the completion of its co-control
partnership for Vantage Towers AG ("Vantage Towers") with a consortium of
long-term infrastructure investors led by Global Infrastructure Partners and
KKR (together the "Consortium").

 

Reflecting the final take-up in the connected voluntary takeover offer, the
co-control partnership - Oak Holdings GmbH ("Oak Holdings") - will own 89.3%
of Vantage Towers. Vodafone has received initial net cash proceeds of €4.9
billion and now holds a 64% shareholding in Oak Holdings. The Consortium
continues to progress its fundraising process, targeting to increase its
ownership of Oak Holdings up to a maximum of 50% by 30 June 2023, which would
result in total net proceeds to Vodafone of up to €6.6 billion.

 

Oak Holdings and Vantage Towers have reached an agreement on a domination and
profit and loss transfer agreement which is in particular subject to the
approval of Vantage Towers shareholders which shall be resolved upon in an
extraordinary General Meeting on 5 May 2023.

 

In addition, Oak Holdings notes that Vantage Towers has resolved to redeem its
outstanding bonds with a nominal value of €2.2 billion. Oak Holdings
confirms that it has sufficient debt facilities in place to enable Vantage
Towers to repay these bonds in full.

 

As announced by Oak Holdings on 20 March 2023, Oak Holdings and Vantage Towers
have entered into an agreement to de-list the shares of Vantage Towers. Oak
Holdings will make a delisting acquisition offer to all Vantage Towers
shareholders at €32 per share.

 

 

- ends -

 

For more information, please contact:

 

 Investor Relations                            Media Relations
 Investors.vodafone.com                        Vodafone.com/news/contact-us
 ir@vodafone.co.uk (mailto:ir@vodafone.co.uk)  GroupMedia@vodafone.com (mailto:GroupMedia@vodafone.com)

Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14
2FN, England. Registered in England No. 1833679

 

 

 

About Vodafone

 

Unique in its scale as the largest pan-European and African technology
communications company, Vodafone transforms the way we live and work through
its innovation, technology, connectivity, platforms, products and services.

 

Vodafone operates mobile and fixed networks in 20 countries, and partners with
mobile networks in 47 more. As of 31 December 2022, we had over 330 million
mobile customers, more than 28 million fixed broadband customers, and
21 million TV customers. Vodafone is a world leader in the Internet of Things
(IoT), connecting over 155 million devices and platforms.

 

We have revolutionised fintech in Africa through M-Pesa, which celebrated its
15(th) anniversary in 2022. It is the region's largest fintech platform,
providing access to financial services for more than 58 million people in a
secure, affordable and convenient way.

 

Our purpose is to connect for a better future by using technology to improve
lives, digitalise critical sectors and enable inclusive and sustainable
digital societies.

 

We are committed to reducing our environmental impact to reach net zero
emissions across our full value chain by 2040, while helping our customers
reduce their own carbon emissions by 350 million tonnes by 2030.  We are
driving action to reduce device waste and achieve our target to reuse, resell
or recycle 100% of our network waste.

 

We believe in the power of connectivity and digital services to improve
society and economies, partnering with governments to digitalise healthcare,
education and agriculture and create cleaner, safer cities. Our products and
services support the digitalisation of businesses, particularly small and
medium enterprises (SMEs).

 

Our inclusion for all strategy seeks to ensure no-one is left behind through
access to connectivity, digital skills and creating relevant products and
services such as access to education, healthcare and finance. We are also
committed to developing a diverse and inclusive workforce that reflects the
customers and societies we serve.

 

For more information, please visit www.vodafone.com
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, follow us on Twitter at @VodafoneGroup or connect with us on LinkedIn at
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