Vodafone Group Plc has announced plans to divest an additional 10% stake in Oak Holdings GmbH, the joint venture that co-manages Vantage Towers, for €1.3 billion on Monday.
"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 said.
This transaction brings Vodafone's total net proceeds from the sell-down in Vantage Towers to €6.6 billion, with the funds from this sale being allocated towards debt reduction. Following the transaction, Oak Holdings will have 89.3% of Vantage Towers, while Vodafone's effective ownership will be reduced to 44.7%.
