(Sharecast News) - Vodafone confirmed on Wednesday that it plans to float its European tower infrastructure company, Vantage Towers, on the Frankfurt Stock Exchange before the end of March.
Vodafone said the planned IPO will target a meaningful minority free float to create a liquid market for Vantage Towers shares.
Vantage Towers chief executive Vivek Badrinath said: "The IPO is an important milestone and sets the foundations for the next stage of our growth within the dynamic towers industry. We will be looking to capture the exciting value-creating opportunities the sector has to offer and to build on our position as a leading tower infrastructure company in Europe.
"With our superior grid, inflation-linked revenue - secured for the long term - and our strong balance sheet, we have a powerful base to move forward and support our customers' need for better and more extensive connectivity across the continent."
Vodafone did not mention any details about a valuation, but Bloomberg has reported that it could be around €15bn.
Vodafone (VOD)2 May 2024 07:03
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