Vodafone, the world’s second biggest mobile operator, said it would list its European mobile masts business, newly named Vantage Towers, in Frankfurt in early 2021.
Chief Executive Nick Read said the launch of Vantage Towers was a major step in improving the return from Vodafone’s assets, an objective he outlined when he became CEO in 2018, and floating a minority stake would unlock value for shareholders. He said there was investor demand for the steady income from tenants on the masts, anchored by Vodafone itself, which will account for about 90% of the initial revenue.
“We are just at the start of the 5G cycle when operators and government are looking to expand coverage,” Read said, adding that data usage was ever increasing. “These trends create good growth opportunities for a towers business and Vantage Towers is well positioned across each of its markets to capitalise,” he said.
Read said the size of the stake to be floated had yet to be decided, although Vodafone would retain a majority. Frankfurt was chosen over London because Germany was home to the biggest number of towers in the unit, he said.
Published in The Express Tribune, July 26th, 2020.
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