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Indus Towers - Bharti Infratel Merger Receives Consent From Vodafone's Lenders

Vodafone Group Plc. (VOD.L,VOD), in an update on the merger Of Bharti Infratel and Indus Towers, said that the merger has received an consent from Vodafone's existing lenders. The parties will now approach the National Company Law Tribunal to make the merger scheme effective.

The agreement to proceed was conditional on consent for a security package for the benefit of the combined company from Vodafone's existing lenders.

Vodafone said last month that it had agreed to proceed with the merger of Indus Towers Limited and Bharti Infratel Limited.

In a separate press release, Vantage Towers, Europe's tower infrastructure operator, said that it has nominated Rüdiger Grube as independent Chairman of the Supervisory Board, in preparation for its IPO in early 2021.

Grube will join the Supervisory Board and become Chairman upon formal election and nomination, in advance of the IPO.

Vantage Towers will have a controlling interest in eight markets - Germany, Spain, Greece, Portugal, Czech Republic, Romania, Hungary and Ireland - and co-control of INWIT (33.2% equity stake) in Italy, with the potential to include Vodafone Group Plc's 50% equity stake in Cornerstone Telecommunications Infrastructure Limited (UK), which it co-controls with Telefonica.

Rüdiger Grube previously had a long career at Daimler across a variety of roles, was CEO of Deutsche Bahn, and was Chairman and non-executive Director of Airbus. Grube is currently Chairman of the Supervisory Board of Vossloh and Chairman of the Supervisory Board of Hamburger Hafen und Logistik.

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