Vantage Towers now in 50:50 joint ownership with the consortium that includes KKR and Global Infrastructure Partners, as planned
Vodafone Group has sold another 10% stake in Oak Holdings, the partnership that co-controls Vantage Towers, for €1.3 billion. This sale achieves the 50:50 joint ownership structure with the consortium of infrastructure investors led by Global Infrastructure Partners and KKR. Vodafone says this “was envisaged when the co-control partnership was first announced”.
Vodafone will receive €1.3 billion from the sale of this equity stake, which has been sold at €32 per share, the same price as the initial transaction, announced 9 November 2022. This takes the total net proceeds to Vodafone selling equity in Vantage Towers to €6.6 billion.
Proceeds from this sale will be used for “deleveraging and will reduce net debt/adjusted EBITDAaL by 0.1x, which is in line with Vodafone’s target of operating in the lower half of its 2.25x – 2.75x leverage range”. At the close of the financial year at the end of March, Vodafone Group’s net debt stood at €33.2 billion. Its first quarter results for the current year will be on 25 July.