Vodafone Sells €1.3 Billion Vantage Towers Stake to Pay Off Debt
- Vodafone had sold stake to KKR, Global Infrastructure Partners
- UK operator has made €6.6 billion on sale of tower company
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Vodafone Group Plc sold another 10% stake worth €1.3 billion ($1.4 billion) in Vantage Towers, as the UK-based telecommunications firm seeks to reduce its debt.
The sale is part of a deal announced in November 2022, when Vodafone agreed to sell a stake in its Germany-based tower company for €32 per share to KKR & Co. and Global Infrastructure Partners. Under the deal’s terms, Vodafone shifted its 81.7% holding in Vantage Towers into a joint venture with KKR and GIP, called Oak Holdings, and has been selling it down ever since. The most recent sale brings Vodafone’s total proceeds from the deal to €6.6 billion, the company said in a statement on Monday.