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KKR-led bid expected to win race for stake in Vantage Towers

9 Nov 2022

A consortium led by private equity firms KKR and Global Infrastructure Partners (GIP) is expected to secure a stake in UK-based Vodafone Group’s tower business, Vantage Towers, according to The Financial Times. Citing people familiar with the matter, the report claims that a bid of EUR14.8 billion (USD14.8 billion) from the consortium – which is also being funded by Saudi Arabia’s Public Investment Fund (PIF) – will win out over a rival offer from Spain-based Cellnex. The report adds that KKR and GIP are set to invest more than PIF and, although a deal is expected to be confirmed this week, the sources did say it could yet fall through. Meanwhile, the sources said that Blackstone and Brookfield had both considered bids for a stake in Vodafone Group’s towers business at an earlier stage, but such interest did not progress.

Vodafone Group is understood to have been looking to divest a stake in its tower unit for a number of months, after spinning it off early last year. Vantage Towers operates around 83,000 towers across ten European countries, including the Germany, Ireland, Spain and the UK, with Vodafone Group currently holding an 82% stake in the business.

Germany, United Kingdom, Kohlberg Kravis Roberts & Co (KKR), Vantage Towers, Vodafone Group

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