The move follows on from a previous minority stake sale in Cornerstone by VMO2 completed in November 2023.
As a result, the deal will result in the telecoms giant selling a 16.66% stake in a holding company that indirectly owns 50% of Cornerstone, receiving £186 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.
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This strategic investment is part of Equitix’s commitment to expanding its digital infrastructure portfolio and supporting the UK’s telecommunications sector. The addition of this investment will increase Equitix’s portfolio to more than 23,000 towers across the UK Europe and the Middle East.
VMO2, CEO, Lutz Schüler, said, “This additional minority stake sale follows the same logic and strategic rationale as our previous deal, allowing us to successfully monetise our infrastructure while retaining a controlling share in an important asset.
“Equitix is another strong partner to have onboard that clearly sees the long-term value in Cornerstone at a time when we are investing billions of pounds to enhance 4G coverage and bring 5G to new areas of the country.”
Equitix, CIO, Achal Bhuwania, added “We are delighted with our investment in Cornerstone and building a partnership with Virgin Media O2. As the UK’s largest telecom tower portfolio, Cornerstone provides infrastructure services that are vital for nationwide connectivity.
“This investment demonstrates our continued commitment to invest in critical national infrastructure which is central to our mandate to invest in core infrastructure."
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