Vodafone Group to Receive Further EUR500 Million from Vantage Towers Partnership
18 Juli 2023 - 8:52AM
Dow Jones News
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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