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Vodaphone To Sell 81.7% Stake In Vantage Towers To GIP, KKR Consortium For Minimum Of 3.2 Bln Euros

Vodafone Group Plc (VOD.L,VOD) announced the sale of its 81.7 percent stake in Vantage Towers AG to the consortium led by Global Infrastructure Partners or GIP and KKR for minimum net cash proceeds of 3.2 billion euros. The Consortium will obtain a shareholding in the JV of up to 50 percent by acquiring JV shares from Vodafone for cash. Sale proceeds will be used for deleveraging and reducing net debt.

Vodafone said the deal results in a premium of 19 percent to Vantage Towers' 3-month volume-weighted average share price at a valuation of 32 per share euros.

The joint venture will make a voluntary takeover offer for the outstanding Vantage Towers shares held by minority shareholders. The transaction is expected to close in the first half of 2023.

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