Vodafone Group PLC (LSE:VOD) has announced that it will receive an additional €500mln (£429mln) in proceeds from the sale of its infrastructure arm Vantage Towers, bringing the total net proceeds to €5.4bn.
The deal involves a consortium of long-term infrastructure investors led by Global Infrastructure Partners and KKR on the other side of the table.
As a result of this transaction, the consortium's ownership in Oak Holdings, the parent company of Vantage Towers, will increase to 40%.
In addition, Vodafone has reached an agreement with the consortium to extend a six-month window for the potential acquisition of additional shares in Oak Holdings.
Private equity firms have been circling British telecoms leader Vodafone’s stake in Frankfurt-listed Vantage Towers, which owns tens of thousands of telecoms towers across Europe, since early 2022.
Vodafone shares dropped 1.36% in today’s morning trades.