Vodafone Group sells stake in Vantage towers

The Vodafone Group Plc has agreed to sell a stake of its Vantage towers to KKR and Global Infrastructure Partners (GIP) for Euro 16.2 billion (ap­proximately $16.3 billion). Vodafone will move its 81.7 per cent stake in Vantage into a joint venture (JV) with KKR and GIP, as per the terms of the agreement. The JV will then make a takeover offer for outstanding Vantage shares. In the near future, the KKR and GIP consortium will hold up to 50 per cent of the JV.