GLIL, a partnership of U.K. pension funds focused on infrastructure investment opportunities, is acquiring a minority stake in Cornerstone, the United Kingdom’s largest mobile towers business, from Virgin Media O2. The transaction is expected to close by Nov. 14. Virgin Media O2 will receive approximately £360 million ($443 million) payable in cash at the closing of the transaction.
Cornerstone consists of a nationwide network used by both Virgin Media O2 and Vodafone U.K. as anchor tenants. It has the highest density of networks in the United Kingdom, owning and managing an estate of around 20,000 sites across both urban and rural locations.
Cornerstone was established in 2012 as a mobile network joint venture between Telefónica U.K. (now Virgin Media O2) and Vodafone U.K. Since then, Vodafone transferred its 50 percent stake to Vantage Towers in 2021, with Virgin Media O2 retaining its 50 percent share prior to the partial indirect stake sale to GLIL. The sale wa