A consortium of funds led by Global Infrastructure Partners (GIP) and KKR have entered into a strategic co-control partnership with Vodafone to acquire the telecom company’s 81.7 percent stake in Vantage Towers.
Vodafone will transfer its stake in Vantage Towers to a holding company, dubbed Oak BidCo, which will be indirectly co-controlled by Vodafone and the consortium. The consortium will obtain a shareholding of up to 50 percent. Tower Bridge Infrastructure Partners will also join the consortium as a co-investor, with additional funding for the transaction provided by the Public Investment Fund (PIF).
As part of the agreement, Oak BidCo will launch a voluntary public takeover offer for all outstanding free-float shares of Vantage Towers, consisting of 18.3 percent of the share capital. Vantage Towers’ shareholders will be offered €32 ($32.09) per share in cash. The voluntary takeover offer is expected to close in the first half of 2023.
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