Vodafone to get another EUR 500m from Vantage Towers deal
Vodafone Group
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17:14 13/11/24
Vodafone Group will receive an additional €500m in proceeds as part of the co-control partnership for Vantage Towers, it announced on Tuesday.
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The FTSE 100 telecoms giant said the consortium leading the partnership, led by Global Infrastructure Partners and KKR, had committed to the financial boost, taking Vodafone's total net proceeds to €5.4bn.
At the same time, the consortium's ownership stake in Oak Holdings - the parent company of Vantage Towers – would increase to 40%.
“Vodafone has agreed with the consortium a further six-month window to acquire additional shares in Oak Holdings at the same price, up to a maximum of 50% ownership, by the end of 2023,” the company explained in its statement.
“Vodafone's 12 month option to pursue a sell-down to a 50% ownership stake in Oak Holdings outside of lock-up provisions and other restrictions will now commence on 1 January 2024.”
At 0811 BST, shares in Vodafone Group were down 0.89% at 71.25p.
Reporting by Josh White for Sharecast.com.