Vodafone: to transfer 50% stake in Cornerstone to Vantage

(CercleFinance.com) - Vodafone said on Monday that it intends to transfer its 50% stake in Cornerstone, its tower infrastructure venture with Telefonica in the UK, to its European unit Vantage Towers, by the end of the month.


The move extends Vantage Towers' portfolio to about 82,000 sites and its geographic presence in Europe to 10 markets, the British phone giant said in a statement.

It comes ahead of Vantage's IPO - one of Europe's largest tower companies - in the next months.

Under a long-term services deal, Vodafone and Telefonica today made Cornerstone their preferred supplier of new sites for eight years, with three 8-year renewal periods.

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