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Vodafone’s partial sale of Vantage Masts is good for everyone except Vodafone - analyst

JP Morgan analysts say the deal is negative for the telco's investors.

The partial sale of Vodafone Group PLC (LSE:VOD) Vantage Masts business is good for everyone involved – except Vodafone itself.

That is the conclusion of bulge bracket American broker JP Morgan.

The telco’s chief executive Nick Read reckons the £2.8bn ‘co-control’ deal with two private equity firms is positive.

The influx of cash allows Voda to pay down some of its debt pile while allowing it to retain a say over the mast network during its planned 5G roll-out, he told investors.

However, JPM in a short note, said the deal was actually a ‘negative for Vodafone’.

It said there would be disappointment around the fact the transaction was not a ‘full sell-down and, hence, limits the up-front value crystallisation’.