Vodafone to Transfer 50% Stake in UK Tower Company to Vantage Towers
By Adria Calatayud
Vodafone Group PLC said Monday that it intends to transfer its
50% shareholding in its U.K. telecommunications-tower joint venture
with Telefonica SA to Vantage Towers.
Vodafone and Telefonica have each entered into long-term
master-services agreements with the joint venture company,
Cornerstone Telecommunications Infrastructure Ltd.
The agreements have initial terms of eight years with three
eight-year renewal periods, and establish Cornerstone as a
preferred supplier of new sites for both operators, Vodafone
Vodafone said it plans to transfer its stake in Cornerstone to
Vantage Towers, a new company it set up last year to house its
European tower portfolio. This will extend Vantage Towers'
portfolio to around 82,000 sites across 10 European markets,
Write to Adria Calatayud at email@example.com
(END) Dow Jones Newswires
January 11, 2021 02:30 ET (07:30 GMT)
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