Vodafone Expects Frankfurt IPO of European Towers Business in Early 2021
24 Juli 2020 - 8:51AM
Dow Jones News
By Adria Calatayud
Vodafone Group PLC said Friday that it is on track for an
initial public offering of its new European towers company, called
Vantage Towers, early next year, and that the coronavirus pandemic
hurt revenue in the first quarter of fiscal 2021.
The U.K. telecommunications group said Vantage Towers, with
68,000 towers across nine markets, is targeting a prime-standard
listing in Frankfurt in early 2021. Vantage will own Vodafone's
stake in Infrastrutture Wireless Italiane SpA, while Vodafone's
U.K. infrastructure joint venture Cornerstone Telecommunications
Infrastructure Ltd. may also be added, the company said.
Vodafone also said it is merging its towers business in Greece
with Wind Hellas' towers business to create the leading tower
infrastructure company in the country.
Separately, Vodafone said revenue for the three months to June
30 fell to 10.51 billion euros ($12.18 billion) from EUR10.65
billion for the year-earlier period.
Quarterly organic service revenue--a closely-watched metric that
tracks revenue generated from telecommunications services on a
comparable basis--was down 1.3% for the quarter, following a 1.6%
rise in the previous quarter.
The company attributed the revenue decline to the impact of the
coronavirus pandemic, which resulted in lower revenue from roaming
and visitors, project delays and lower automotive activity in its
business segment, and lower prepaid revenue in some smaller
markets.
Vodafone said its outlook for fiscal 2021 remains unchanged.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 24, 2020 02:36 ET (06:36 GMT)
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