Equitix has acquired an 8.3 percent minority stake in mobile tower joint venture Cornerstone Telecommunications Infrastructure from Virgin Media O2.
Cornerstone is the United Kingdom’s largest mobile towers business, which was established in 2012 and has the highest density of towers in the United Kingdom.
The transaction will see Virgin Media O2 sell a 16.66 percent stake in a holding company that indirectly owns 50 percent of Cornerstone, receiving £186 million ($242 million) in cash upon completion, along equivalent terms to the previous stake sale. Under the ownership structure, Virgin Media O2 will continue to proportionately consolidate Cornerstone as a joint operation.
With two anchor tenants, Cornerstone owns and manages a nationwide network of around 20,000 sites used by Virgin Media O2 and Vodafone UK, providing critical services for approximately 60 percent of U.K. mobile subscribers.
“As the UK’s largest telecom tower portfolio, Corners
