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Vodafone: Vantage Towers' Portfolio Increases With Presence In 10 European Markets

British telecom major Vodafone Group Plc (VOD,VOD.L) announced Monday that its tower company Vantage Towers' portfolio increased to around 82,000 macro sites and to a presence in 10 European markets following recent addition of 50% stake in UK tower company Cornerstone.

In a third-quarter update, Vodafone noted that Vantage Towers has a leading positions in 9 European markets.

Vantage Towers holds strong commercial momentum, with about 1,400 new tenancies added in first 9 months of fiscal 2021 to December 31, 2020, including around 500 previously non-committed tenancies. The company reports strong progress towards its medium term guidance.

Further, about 450 new macro sites were added in first 9 months of fiscal 2021. Vantage Towers is confident of hitting target of around 550 new sites by March 31, 2021.

Further, the company reaffirmed targets and fiscal 2021 pro forma Recurring Free Cash Flow or RFCF guidance of 375 million euros to 385 million euros.

Vivek Badrinath, Vantage Towers Chief Executive, said, "The growth opportunity in Europe is considerable, as the roll out of 5G accelerates and mobile operators look to expand their networks to manage ever increasing data traffic... Adding Cornerstone, the UK's number one tower company, to our portfolio in early January was a significant step."

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