Vodafone Group announced this morning that it intends to float its Vantage Towers infrastructure subsidiary on the Frankfurt Stock Exchange by the end of March 2021. The initial public offering (IPO) will consist solely of a secondary sell-down of existing shares held by Vodafone (Germany), and will target ‘a meaningful minority free float to create a liquid market for Vantage Towers shares’, the UK-based group stated. Vantage Towers is a tower infrastructure company with approximately 82,000 macro sites across ten European countries, claiming the first or second tower market position in nine of its markets. Vodafone says that Vantage Towers enjoys highly visible organic growth, margin expansion and cash generation, with additional value creation potential from investment beyond the core business (including diversifying its service offering into areas such as fibre backhaul, IoT and edge computing) and from strategic M&A. Vantage Towers is on track to build around 550 new sites by 31 March 2021 and has commitments to build a further 7,100 new macro sites across its consolidated markets by 31 March 2026.
As previously reported by CommsUpdate, in January 2021 Vodafone UK transferred a 50% stake in UK tower firm Cornerstone to Vantage Towers – itself launched by Vodafone Group in July 2020 – extending Vantage Towers’ portfolio to 82,000 macro sites and its geographic presence in Europe to ten markets.