London, July 22, 2024 – Vodafone (NASDAQ: VOD) has sold a further 10% stake in Vantage Towers for €1.3 billion ($1.4 billion), bringing its ownership in the European mobile phone masts group down to its intended level with infrastructure investors.
This transaction is the final part of a deal announced in 2022, where Vodafone agreed to sell a portion of its Germany-based masts company to Global Infrastructure Partners (GIP) and KKR to raise funds for debt reduction.
Vodafone confirmed on Monday that the latest sale has brought the total proceeds from the Vantage Towers stake sales to €6.6 billion. Oak Holdings, the partnership that co-controls Vantage Towers, acquired the 10% stake. Following this transaction, Oak Holdings now owns 89.3% of Vantage Towers, while Vodafone’s effective ownership stands at 44.7%.
The proceeds from this sale are expected to reduce Vodafone’s net debt by 0.1x, aligning with the company’s target of operating within the lower half of its 2.25x – 2.75x leverage range.
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