Vodafone today announced the completion of its co-control partnership for Vantage Towers with a consortium of investors led by Global Infrastructure Partners and KKR.
The co-control partnership – Oak Holdings – will own 89.3 percent of Vantage Towers. Vodafone has received initial net cash proceeds of €4.9 billion and now holds a 64 percent shareholding in Oak Holdings.
The consortium continues to progress its fundraising process, targeting to increase its ownership of Oak Holdings up to a maximum of 50 percent by 30 June 2023, which would result in total net proceeds to Vodafone of up to €6.6 billion.
Oak Holdings and Vantage Towers have reached an agreement on a domination and profit and loss transfer agreement which is in particular subject to the approval of Vantage Towers shareholders which shall be resolved upon in an extraordinary General Meeting on 5 May 2023.
In addition, Oak Holdings notes that Vantage Towers has resolved to redeem its outstanding bonds with a nominal value of €2.2 billion. Oak Holdings confirms that it has sufficient debt facilities in place to enable Vantage Towers to repay these bonds in full.
Oak Holdings and Vantage Towers have entered into an agreement to de-list the shares of Vantage Towers. Oak Holdings will make a delisting acquisition offer to all Vantage Towers shareholders at €32 per share.
