Sells stake at 32 eur/share (Il Sole 24 Ore Radiocor) - London, 22 Jul - The UK telecommunications company Vodafone said it has sold a further 10% in Oak Holdings, the partnership that co-controls Vantage Towers, for 1.3 billion euros.

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 sold the stake at 32 per share, the same price as the initial transaction, announced in November 2022.

This takes the total net proceeds to Vodafone from the sell down in Vantage Towers to 6.6 billion euros.

Proceeds from this sale will be used for deleveraging and will reduce net debt/adjusted EBITDAaL by 0.1x, which is in line with Vodafone's target of operating in the lower half of its 2.25x - 2.75x leverage range.

Oak Holdings owns 89.3% of Vantage Towers, and Vodafone's effective ownership is now 44.7%, following this transaction.

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(RADIOCOR) 22-07-24 08:29:22 (0121) 5 NNNN