Vodafone Group Plc (LON:VOD) has announced the sale of a further 10% stake in Oak Holdings GmbH1 – the partnership that co-controls Vantage Towers – for €1.3 billion. This further sale achieves the 50:50 joint ownership structure with the consortium of long-term infrastructure investors led by Global Infrastructure Partners and KKR that was envisaged when the co-control partnership was first announced.
Vodafone Group will receive €1.3 billion from the sale of this equity stake, which has been sold at €32 per share, the same price as the initial transaction, announced 9 November 2022. This takes the total net proceeds to Vodafone from the sell down in Vantage Towers to €6.6 billion. Proceeds from this sale will be used 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.
1. Oak Holdings owns of 89.3% of Vantage Towers, and Vodafone’s effective ownership is now 44.7% following this transaction.
