Vodafone Group took the sum raised from the sale of part of its majority stake in Vantage Towers to €5.4 billion, after divesting a proportion of its equity in the company running the business to existing partners.
Earlier this year, the operator group completed the creation of a joint venture with a consortium led by KKR and Global Infrastructure Partners (GIP) to control its majority holding in Vantage Towers.
Following its formation, entity Oak Holdings owns an 89.3 per cent share in the infrastructure company.
On completing that deal in March Vodafone held 64 per cent of Oak Holdings, with the remainder owned by the consortium.
The operator raised €4.9 billion from the initial transaction.
In an update today (18 July), Vodafone revealed following “commitments secured by the consortium”, it will sell part of its share in Oak Holdings for €500 million. The deal takes the investors’ stake in the JV to 40 per cent.
The consortium has an option to buy additional equity to take the partnership to a 50:50 level at an already defined price, an agreement which expires at the end of the year.