Vodafone Group Plc Completion of Co-Control Partnership for Vantage (0624U)
March 23 2023 - 11:35AM
UK Regulatory
TIDMVOD
RNS Number : 0624U
Vodafone Group Plc
23 March 2023
23 March 2023
Completion of Co-Control Partnership for Vantage Towers
Vodafone Group Plc ("Vodafone") announces the completion of its
co-control partnership for Vantage Towers AG ("Vantage Towers")
with a consortium of long-term infrastructure investors led by
Global Infrastructure Partners and KKR (together the
"Consortium").
Reflecting the final take-up in the connected voluntary takeover
offer, the co-control partnership - Oak Holdings GmbH ("Oak
Holdings") - will own 89.3% of Vantage Towers. Vodafone has
received initial net cash proceeds of EUR4.9 billion and now holds
a 64% shareholding in Oak Holdings. The Consortium continues to
progress its fundraising process, targeting to increase its
ownership of Oak Holdings up to a maximum of 50% by 30 June 2023,
which would result in total net proceeds to Vodafone of up to
EUR6.6 billion.
Oak Holdings and Vantage Towers have reached an agreement on a
domination and profit and loss transfer agreement which is in
particular subject to the approval of Vantage Towers shareholders
which shall be resolved upon in an extraordinary General Meeting on
5 May 2023.
In addition, Oak Holdings notes that Vantage Towers has resolved
to redeem its outstanding bonds with a nominal value of EUR2.2
billion. Oak Holdings confirms that it has sufficient debt
facilities in place to enable Vantage Towers to repay these bonds
in full.
As announced by Oak Holdings on 20 March 2023, Oak Holdings and
Vantage Towers have entered into an agreement to de-list the shares
of Vantage Towers. Oak Holdings will make a delisting acquisition
offer to all Vantage Towers shareholders at EUR32 per share.
- ends -
For more information, please contact:
Investor Relations Media Relations
Investors.vodafone.com Vodafone.com/news/contact-us
ir@vodafone.co.uk GroupMedia@vodafone.com
Registered Office: Vodafone House, The Connection, Newbury,
Berkshire RG14 2FN, England. Registered in England No. 1833679
About Vodafone
Unique in its scale as the largest pan-European and African
technology communications company, Vodafone transforms the way we
live and work through its innovation, technology, connectivity,
platforms, products and services.
Vodafone operates mobile and fixed networks in 20 countries, and
partners with mobile networks in 47 more. As of 31 December 2022,
we had over 330 million mobile customers, more than 28 million
fixed broadband customers, and 21 million TV customers. Vodafone is
a world leader in the Internet of Things (IoT), connecting over 155
million devices and platforms.
We have revolutionised fintech in Africa through M-Pesa, which
celebrated its 15(th) anniversary in 2022. It is the region's
largest fintech platform, providing access to financial services
for more than 58 million people in a secure, affordable and
convenient way.
Our purpose is to connect for a better future by using
technology to improve lives, digitalise critical sectors and enable
inclusive and sustainable digital societies.
We are committed to reducing our environmental impact to reach
net zero emissions across our full value chain by 2040, while
helping our customers reduce their own carbon emissions by 350
million tonnes by 2030. We are driving action to reduce device
waste and achieve our target to reuse, resell or recycle 100% of
our network waste.
We believe in the power of connectivity and digital services to
improve society and economies, partnering with governments to
digitalise healthcare, education and agriculture and create
cleaner, safer cities. Our products and services support the
digitalisation of businesses, particularly small and medium
enterprises (SMEs).
Our inclusion for all strategy seeks to ensure no-one is left
behind through access to connectivity, digital skills and creating
relevant products and services such as access to education,
healthcare and finance. We are also committed to developing a
diverse and inclusive workforce that reflects the customers and
societies we serve.
For more information, please visit www.vodafone.com , follow us
on Twitter at @VodafoneGroup or connect with us on LinkedIn at
www.linkedin.com/company/vodafone .
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