Vodafone Group Plc has agreed the partial sale of its mobile-phone masts business Vantage Towers to a consortium led by private equity firms Global Infrastructure Partners and KKR & Co in a deal that values the business at $16 billion.
Vodafone’s current 81.7% stake in the business will be put into a joint-venture company Oak BidCo which will then look to acquire the listed shares which account for the remaining 18.3% of the company.
GIP and KKR will be investing through their core infrastructure strategies. Tower Bridge Infrastructure Partners will be part of the Consortium as a co-investor, with additional funding for the transaction provided by the Public Investment Fund (PIF).
Read more: Private Equity Wire
