“This IPO unlocks value for our shareholders: it demonstrates the value of our tower assets in a 5G world, sets up Vantage Towers to unlock its full potential as a focused independent tower operator, with the proceeds reducing Group debt,” said Nick Read (pictured), chief executive of Vodafone Group.
“Eighteen months ago, we started the carve out of Vantage Towers as part of our strategy to improve returns on our assets. We have moved at pace and today’s successful IPO is the culmination of all that hard work. The strategy to reshape Vodafone to create sustainable stakeholder value continues.”
Vodafone is set to make €2.3 billion in proceeds from Vantage Towers initial public offering (IPO) which is set to begin 18 March 2021 and has confirmed it will use these funds to pay down its debts.
“We have had great engagement with investors and we are pleased with the successful completion of the offering,” added Vivek Badrinath, chief executive of Vantage Towers.
“The IPO is an important milestone and sets the foundations for the next stage of Vantage Towers’ growth within the dynamic tower sector. Our commercial focus, superior grid and strong balance sheet means we are well-placed to capture these opportunities.”
Once completed, the company will continue its commercial focus by deploying its tower assets across Europe.
In related news, February saw Vantage Towers expand its portfolio to.82,000 macro sites and its presence in 10 European markets.
