Vodafone Group Plc is planning to announce the large preliminary public providing of its European towers unit within the coming days, based on folks acquainted with the matter.
The intention-to-float doc for Vantage Towers may very well be revealed as quickly as Wednesday morning, the folks stated, asking to not be recognized discussing personal data. Vantage Towers may very well be valued at 15 billion euros ($18.2 billion) or extra within the IPO, the decrease vary of analyst estimates, the folks stated.
Discussions are ongoing and the timing of the Vantage Towers announcement might change, the folks stated. Representatives for Vodafone and Vantage Towers declined to remark.
The corporate shall be competing for buyers with Cellnex Telecom SA, which earlier this month introduced plans for a capital enhance of as a lot as 7 billion euros to assist fund its acquisition of French telecommunication towers from billionaire Patrick Drahi’s Altice Europe NV.
Carving out towers is the centerpiece of Vodafone Chief Govt Officer Nick Learn’s technique to squeeze extra worth from belongings owned by the U.Okay. telecommunications large. Proceeds from the IPO will go towards paying down a few of Vodafone’s multibillion-euro debt pile, the corporate has stated.
Vodafone has picked Frankfurt for the itemizing, reflecting the excessive share of tower belongings from that nation in Vantage’s portfolio.