By Ian Walker

Vodafone Group PLC said Wednesday that it has agreed to form a new jointly-owned company with Global Infrastructure Partners LLC and KKR & Co. that will own its 81.7% stake in Vantage Towers AG.

Under the deal GIP and KKR will take a 50% shareholding in the new joint venture company through the acquisition of shares for a cash sum. As part of the deal the partners will make a takeover proposal to the outstanding shareholders of Vantage.

Vodafone expects to get a maximum of between 5.8 billion euros and 7.1 billion euros($5.84 billion and $7.15 billion) depending on the take-up of the minority shareholder takeover proposal, it said.

The deal has the support of RRJ Capital which is Vantage Towers' second largest minority shareholder, owning 2.4% of shares.

Vodafone shares at 0940 GMT were down 0.2% at 105.98 pence; Vantage Towers shares were up 7.2% at EUR31.52.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

November 09, 2022 05:00 ET (10:00 GMT)

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