Vodafone UK has announced that it intends to transfer its 50% stake in UK tower firm Cornerstone to Vantage Towers – the infrastructure firm launched by Vodafone Group in July 2020. The move, which is set to be completed this month, will extend Vantage Towers’ portfolio to approximately 82,000 macro sites and its geographic presence in Europe to ten markets – in nine of which it will hold leading positions.
TeleGeography notes that Cornerstone was established in 2012 by Vodafone UK and Telefonica UK (O2) to create and manage a single network of passive infrastructure contributed by both mobile network operators. In total, Cornerstone operates around 14,200 macro sites and 1,400 micro sites.
In a parallel development, Vodafone UK and Telefonica UK have each entered into long-term Master Services Agreements (MSA) with Cornerstone, which have initial terms of eight years from 1 January 2021, with three eight-year renewal periods. This will establish Cornerstone as the preferred supplier of new sites for both operators.