Vodafone has agreed a multi-billion-euro deal for its mobile phone masts business.
A consortium led by KKR and Global Infrastructure Partners, backed by Saudi Arabia’s Public Investment Fund and including the telecoms company as a partner, has taken Vodafone’s remaining 81.7% stake in Vantage Towers. The deal will raise about €5.8bn for the FTSE 100 telecoms group.
The joint venture will now launch a takeover off for the remaining 18%, with plans to delist the business.
The offer will be priced at €32 per share, a 33% premium to Vantage’s March 2021 initial public offering price of €24 per share. The deal values Vantage at €16.2bn.
