Vodafone Sells Its Share In Vantage Towers

last updated on

Vodafone Sells Its Share In Vantage Towers

Vodafone (Vod) Sells Its 10% Share In Vantage Towers

Vodafone (VOD), a leading company from the UK, has sold yet another 10% stake in the 'Vantage Towers' company for a total of $1.4 billion or around 1.3 billion Euros.

This move will further reduce the ownership of Vodafone (VOD) in the company, which already controls a significant portion of EU mobile phone masts.

Vodafone Received 6.6 Billion Euros In Proceeds

This sale of the stake is a part of the deal, which dates all the way back to 2022 when Vodafone sold a portion of its German-based company to KKR & GIP (Global Infrastructure Partners). This recent bout of selling is the final part of the deal and will allow the VOD to say a final goodbye to the masts company.

Vodafone (VOD) has reportedly sold its stake int he Vantage Towers in order to reduce its debt levels and to improve the bottom line.

After the recent round of selling, the total proceeds related to the sale of Vantage Towers is now standing at 6.6 billion euros.

Oak Holdings is among the companies that co-control the Vantage Towers and has bought 10% of the stake. After the deal, Oak Holdings now has an 89.3% stake in the Vantage Towers company, while the ownership of Vodafone (VOD) stands at 44.7%.

The amount received from the latest sales will help Vodafone (VOD) to cut its net debt by around 0.1x. This is in line with the company's target of running its operations in the lower portion of the leverage range.

Vodafone was planning to operate in the 2.25 x to 2.75x range of leverage, and after the sale of its stake, the company is now operating in the lower range of that range.

As of right now, 1 US Dollar is equivalent to 0.9190 Euros, which can be used to find the Dollar or Euro equivalent of the proposed deal amount.

Right now, the stock price of Vodafone (VOD) is 70.75 while the 52-week low is around 62.71 and the 52-week high is near 82.56.

Trending Stories