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Britain's Vodafone has sold an extra 10% interest in Vantage Towers for 1.3 billion euros ($1.4 billion).
Britain’s Vodafone has sold an additional 10% stake in Vantage Towers for 1.3 billion euros ($1.4 billion), achieving its target ownership level with infrastructure investors. This transaction is part of Vodafone’s broader strategy to reduce debt and streamline its assets.
The recent sale finalized a 2022 agreement where Vodafone planned to offload a portion of its Germany-based mast company to Global Infrastructure Partners (GIP) and KKR. The initial deal aimed to generate funds to help reduce Vodafone’s debt burden.
With this latest sale, Vodafone has raised 6.6 billion euros from Vantage Towers transactions. The 10% stake was acquired by Oak Holdings, the consortium that co-controls Vantage Towers. As a result of the sale, Oak Holdings now owns 89.3% of Vantage Towers, and Vodafone’s effective ownership stands at 44.7%.
Vodafone stated that the proceeds from the recent sale will reduce its net debt by 0.1x. This reduction aligns with Vodafone’s goal of maintaining its leverage ratio within the lower half of its target range of 2.25x to 2.75x.
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