(Sharecast News) – Vodafone Group will receive an additional €500m in proceeds as part of the co-control partnership for Vantage Towers, it announced on Tuesday.
The FTSE 100 telecoms giant said the consortium leading the partnership, led by Global Infrastructure Partners and KKR, had committed to the financial boost, taking Vodafone’s total net proceeds to €5.4bn.
At the same time, the consortium’s ownership stake in Oak Holdings – the parent company of Vantage Towers – would increase to 40%.
“Vodafone has agreed with the consortium a further six-month window to acquire additional shares in Oak Holdings at the same price, up to a maximum of 50% ownership, by the end of 2023,” the company explained in its statement.
“Vodafone’s 12 month option to pursue a sell-down to a 50% ownership stake in Oak Holdings outside of lock-up provisions and other restrictions will now commence on 1 January 2024.”
At 0811 BST, shares in Vodafone Group were down 0.89% at 71.25p.
Reporting by Josh White for Sharecast.com.