Vodafone Group has sold a further 10 percent stake in Oak Holdings that co-controls Vantage Towers – for €1.3 billion.
Vodafone has sold 10 percent stake for €32 per share.
Vodafone has received a total of €6.6 billion from the sale of stake in Vantage Towers. Vodafone will use proceeds from this sale for deleveraging and will reduce Net Debt/Adjusted EBITDAaL by 0.1x, which is in line with Vodafone’s target of operating in the lower half of its 2.25x – 2.75x leverage range.
Vantage Towers has reported sales revenue of €1,338 million during fiscal 2023.
Vantage Towers’s annual report 2022-23 says its tower portfolio includes more than 46.1k macro sites across consolidated markets and 84.6k including INWIT in Italy and Cornerstone in the UK. Vantage Towers added 910 new macro sites across markets, of which 490 were built in Germany.
Last month, Vodafone Group has sold 484.7 million shares, representing 18 percent stake, in Indus Towers for INR 153.0 billion (€1.7 billion). Vodafone will repay its existing lenders in relation to the outstanding bank borrowings of €1.8 billion secured against Vodafone’s Indian assets. Vodafone at present holds 82.5 million shares or 3.1 percent in Indus Towers.
Baburajan Kizhakedath
