By Adria Calatayud

Vodafone Group PLC said Monday that it intends to transfer its 50% shareholding in its U.K. telecommunications-tower joint venture with Telefonica SA to Vantage Towers.

Vodafone and Telefonica have each entered into long-term master-services agreements with the joint venture company, Cornerstone Telecommunications Infrastructure Ltd.

The agreements have initial terms of eight years with three eight-year renewal periods, and establish Cornerstone as a preferred supplier of new sites for both operators, Vodafone said.

Vodafone said it plans to transfer its stake in Cornerstone to Vantage Towers, a new company it set up last year to house its European tower portfolio. This will extend Vantage Towers' portfolio to around 82,000 sites across 10 European markets, Vodafone said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

January 11, 2021 02:30 ET (07:30 GMT)

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