Vodafone considering tower sale; plotting NZ IPO

18 Sep 2018

Speaking at the Goldman Sachs Communacopia Conference in New York, Nick Read, the incoming Vodafone Group CEO, has hinted that the UK telecoms giant could sell off part of its extensive tower portfolio. The Financial Times reports that Mr Read – who will take over from Vittorio Colao next month – seeks to trim the group’s EUR31 billion (USD36.2 billion) debt pile. The FT says that Vodafone currently presides over 110,000 towers across Europe – around 50% of which are directly controlled. The report notes that Barclays has calculated the European towers could be worth up to EUR12 billion.

In another eye-catching development, Read revealed that a float of the group’s New Zealand unit is on the cards in 2019. Vodafone NZ cooled on the prospect of an initial public offering (IPO) earlier this year after drumming up support for a listing in 2017.

New Zealand, United Kingdom, Vodafone Group, Vodafone New Zealand