KKR, GIP said to pursue Vodafone's towers division; shares spark
Vodafone shot higher on Thursday following a report that KKR & Co. and Global Infrastructure Partners are among private equity firms competing for a stake in the company’s wireless towers unit.
FTSE 100
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FTSE 350
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FTSE All-Share
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Vodafone Group
69.32p
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Bloomberg cited people familiar with the matter as saying that Swedish investment firm EQT AB has also been exploring a potential investment in Frankfurt-listed Vantage Towers. It was understood that Vodafone has invited suitors to participate in an auction process.
Sources told Bloomberg that Vodafone hasn’t made a final decision on the size of the stake it wants to sell, though a number of bidders are keen to get a majority holding. The UK carrier currently holds around 82% of Vantage, according to data compiled by Bloomberg.
There’s no certainty the private equity firms will proceed with formal offers, and other bidders could still emerge, sources said.
A spokesman for Vodafone declined to comment on the Bloomberg story.
At 1250 BST, Vodafone shares were up 3.6% at 110.94 p, while Vantage Towers shares were up 12% at €28.54.