Vodafone enters new jv agreement for Vantage Towers stake
Summary
- Under the deal GIP and KKR will take a 50% shareholding in the new joint venture company through the acquisition of shares for a cash sum
Vodafone Group PLC said Wednesday that it has agreed to form a new jointly-owned company with Global Infrastructure Partners LLC and KKR & Co. that will own its 81.7% stake in Vantage Towers AG.
Under the deal GIP and KKR will take a 50% shareholding in the new joint venture company through the acquisition of shares for a cash sum. As part of the deal the partners will make a takeover proposal to the outstanding shareholders of Vantage.
Vodafone expects to get a maximum of between 5.8 billion euros and 7.1 billion euros($5.84 billion and $7.15 billion) depending on the take-up of the minority shareholder takeover proposal, it said.
The deal has the support of RRJ Capital which is Vantage Towers’ second largest minority shareholder, owning 2.4% of shares.
Vodafone shares at 0940 GMT were down 0.2% at 105.98 pence; Vantage Towers shares were up 7.2% at EUR31.52.
This story has been published from a wire agency feed without modifications to the text
