Vodafone sells stake in its $16 billion Vantage Towers AG to KKR, GIP

Vodafone Group Plc has agreed to sell a stake in its towers unit to KKR & Co. and Global Infrastructure Partners in a deal valuing the business at €16.2 billion ($16.3 billion).

The British telecommunications group announced the €32-a-share deal for Frankfurt-listed Vantage Towers AG in a statement Wednesday that confirmed an earlier Bloomberg News report. The price represents a 12% premium to Vantage’s closing price on Monday, the day before the report.

Under the deal’s terms, Vodafone will move its 81.7% holding in Vantage into a joint venture with KKR and GIP. The JV will then make a takeover offer for outstanding shares in Vantage in what could be the biggest take private of a German company on record,