Vodafone Sells Stake in $16 Billion Tower Arm to KKR, GIP
- Saudi Arabia’s Public Investment Fund helping to fund the deal
- KKR, GIP competed with host of financial, strategic bidders
Vodafone will move its 81.7% holding in Vantage into a new joint venture with KKR and GIP.
Photographer: Liesa Johannssen-Koppitz/BloombergThis article is for subscribers only.
Vodafone Group Plc has agreed to sell a stake in its towers unit to KKR & Co. and Global Infrastructure Partners in a deal valuing the business at €16.2 billion ($16.3 billion).
The British telecommunications group announced the €32-a-share deal for Frankfurt-listed Vantage Towers AG in a statement Wednesday that confirmed an earlier Bloomberg News report. This represents a 19% premium to Vantage’s three month volume-weighted average share price.