Vodafone Group has announced the launch of its new European telecoms towers holding company, Vantage Towers and has confirmed that it will look to IPO in early 2021.
Vantage Towers controls over 68,000 telecoms towers across Europe and the spin-off of Vodafone’s tower assets was a key part of Nick Read’s strategy when he took up the reins as CEO.
In a statement to the press, Read confirmed that the company would seek a Prime Standard Listing on the Frankfurt stock exchange in early 2021.
“Today’s launch of Vantage Towers marks significant progress of the strategy I established when I became Vodafone CEO, specifically relating to the key pillar of improving asset utilisation. Vantage Towers will also unlock further value for shareholders, notably through the IPO targeted for early 2021. As Europe’s leading mobile and fixed services provider, we have now created Europe’s leading tower infrastructure company, which will play a central role in enabling Europe’s sustainable and inclusive digital society,” said Nick Read, Vodafone Group chief executive.
The company also confirmed the senior leadership team for Vantage Towers, announcing that the company will be led by Vivek Badrinath (CEO), Thomas Reisten (CFO) and Sonia Hernandez (CCO).
“I am excited to lead Vantage Towers, which owns the tower infrastructure that is critical for the digital services upon which society, customers and governments rely on across 9 European markets. We have a strong platform to capture growth opportunities in connectivity across Europe, leveraging our long-term arrangements with leading operators,” said Vivek Badrinath, Vantage Towers chief executive.
Vodafone Group claims that Vantage Towers will hold either the biggest or second biggest market share position in each of the nine markets in which it will operate.
In addition to the creation of Vantage Towers, Vodafone Group also announced the merger of Vodafone’s and Wind Hellas’ towers businesses in Greece, which will create the leading tower infrastructure company in Greece.