By Joe Hoppe

 

Vodafone Group said Tuesday that it will receive further proceeds of 500 million euros ($562 million), based on commitments secured by investors in its Vantage Towers partnership with Global Infrastructure Partners and KKR & Co.

The telecom company said this will bring total net proceeds to EUR5.4 billion. It will also bring the ownership of the consortium of investors, led by KKR and GIP, in Vantage Towers-owner Oak Holdings to 40%. In late May, Vodafone said it indirectly held 64.2% of Oak.

Vantage said in March it had entered into a delisting agreement with Oak under which outstanding shareholders in the German telecommunications-infrastructure company will be offered EUR32 a share, valuing the target at EUR16.2 billion.

Vodafone said it has now agreed with the other investors a further six month window to acquire more shares in Oak at the same price, up to a maximum of 50% ownership. Vodafone's own 12-month option to reduce its stake in Oak to 50%, outside of lock-up provisions and other restrictions, will now start on Jan. 1.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

July 18, 2023 02:37 ET (06:37 GMT)

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