Vodafone teams up with KKR and GIP in $16 billion towers deal

Vodafone has agreed to sell a chunk of it masts company Vantage Towers to Global Infrastructure Partners (GIP) and KKR, creating a joint venture that will release proceeds of at least 3.2 billion euros to cut the telecoms operator’s debt.

A consortium led by the two infrastructure investors and backed by Saudi Arabia’s sovereign wealth fund will buy up to half of Vodafone’s 81.7% stake in Vantage, and the joint venture will offer to buy out minority shareholders at a price of 32 euros a share, Vodafone said on Wednesday.