Vodafone Group PLC (LSE:VOD) has been approached by global infrastructure funds, which have offered US$16bn for a majority stake in its mobile mast company, Vantage Towers, according to reports.
Sources familiar with the matter have told Reuters that the telecoms giant prefers an industry merger, however.
Vantage Towers is Vodafone’s tower infrastructure company with over 68,000 towers across nine markets.
Reuters said the bidders, which includes investment firms Brookfield and Global Infrastructure Partners, have submitted unsolicited proposals of roughly US$16.57bn, a slight premium to its current market valuation of US$14.15bn.
According to Reuters, the offers are for a majority stake in the company that was listed in Frankfurt last year.
FTSE 100 Vodafone is rumoured to be keen on an industry merger, with the newswire noting that sources said it is seeking a deal with Deutsche Telekom’s DFMG tower unit or Orange’s Totem.
Vodafone has an 81% stake in the company but has been under intense pressure from activist investor Cevian Capital to simplify its portfolio and focus on its key markets.
The telecoms company also recently turned down an US$11bn offer for its Italian business from Iliad, a private French telecoms business.