Vodafone Raises EUR2.3 Billion in Vantage Towers IPO
March 18 2021 - 3:50AM
Dow Jones News
By Joe Hoppe
Vodafone Group PLC said Thursday that it and its European towers
unit Vantage Towers AG have set a final offer price of 24 euros
($28.76) a share for Vantage Towers' initial public offering.
The U.K. telecommunications company said that Vantage Towers has
placed 95.8 million shares, resulting in gross proceeds of EUR2.3
billion. The successful offering implies a market capitalization of
EUR12.1 billion for Vantage Towers.
The shares placed represent 18.9% of Vantage Towers' issued and
outstanding share capital, and Vodafone will use the net proceeds
from the placing to pay down debt.
Trading of the shares on the Frankfurt Stock Exchange is
expected to begin Thursday under the ticker VTWR.
"This IPO unlocks value for our shareholders: it demonstrates
the value of our towers assets in a 5G world, sets up Vantage
Towers to unlock its full potential as a focused independent tower
operator, with the proceeds reducing group debt," Vodafone Group
Chief Executive Nick Read said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
March 18, 2021 03:35 ET (07:35 GMT)
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