As part of wider plans to spin off its European mobile tower business next year into a new division called Vantage Towers, UK-based Vodafone Group has signed an agreement to combine its tower assets in Greece with those of Wind Hellas. The merged Greek business – Vantage Towers Greece – will be 62% owned by Vodafone Group and 38% by Crystal Almond, the holding company which controls Wind Hellas. Crystal Almond will receive EUR25 million (USD29 million) in cash as part of the transfer. Vodafone Group plans to transfer its stake in the Greek venture to Vantage Towers, once it is established, while Crystal Almond has given Vodafone the option to acquire its 38% stake by end-2021 for EUR288 million. Vodafone Greece and Wind Hellas have agreed an eight-year deal to lease infrastructure from their new joint venture, which will oversee a network of 5,200 towers.
Haris Broumidis, President and CEO of Vodafone Greece, stated: ‘The last few months have highlighted the crucial role of reliable telecommunications networks so that our societies remain connected. The establishment of Vantage Towers Greece will substantially contribute to the effort for the recovery of the Greek economy, through the evolution and further development of a new market for hosting passive infrastructure in our country, while contributing to a more digital, green Greece’.