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LONDON (Reuters) -Britain’s Vodafone (NASDAQ:) mentioned it bought an extra 10% stake in Vantage Towers for 1.3 billion euros ($1.4 billion), bringing its possession in a bunch which controls European cell phone masts all the way down to its supposed degree with infrastructure traders.
The stake sale is the ultimate a part of a deal introduced in 2022 when Vodafone mentioned it will promote a bit of its Germany-based masts firm to International Infrastructure Companions (GIP) and KKR to lift proceeds to scale back its debt.
Vodafone mentioned on Monday that the 1.3 billion euros from the most recent sale took whole proceeds from the Vantage Towers sale to six.6 billion euros.
Oak Holdings, the partnership that co-controls Vantage Towers, purchased the ten% stake and following the deal, Vodafone mentioned Oak Holdings owns 89.3% of Vantage Towers, with Vodafone’s efficient possession at 44.7%.
The proceeds from the most recent sale would minimize internet debt by 0.1x, in step with Vodafone’s goal of working within the decrease half of its 2.25x – 2.75x leverage vary, the corporate mentioned.
($1 = 0.9190 euros)
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