Britain’s Vodafone (VOD.L) has sold an additional 10% stake in Vantage Towers for €1.3 billion ($1.4 billion), aligning its ownership with its strategic goals alongside infrastructure investors. This sale finalizes a deal from 2022, aimed at reducing Vodafone’s debt by offloading a portion of its Germany-based masts company to Global Infrastructure Partners (GIP) and KKR.
Vodafone announced that the €1.3 billion from this sale brings the total proceeds from the Vantage Towers sale to €6.6 billion. Oak Holdings, which co-controls Vantage Towers, acquired the 10% stake, resulting in Oak Holdings holding 89.3% of Vantage Towers, while Vodafone’s effective ownership stands at 44.7%. The latest sale will reduce Vodafone’s net debt by 0.1x, helping the company maintain its leverage within the targeted range of 2.25x – 2.75x.