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Bond Market News
Vodafone Sells 10% Vantage Tower Stake to Cut Debt
July 23, 2024
Vodafone sold a 10% stake worth €1.3bn in Vantage Towers, in an effort to minimize overall debt. This adds to its deal in November 2022, where Vodafone moved its 81.7% holding in Vantage Towers to a JV with KKR and GIP, known as Oak Holdings. Total proceeds from the deal now amount to €6.6bn. With the recent stake sale, Vodafone now owns 50% of Oak Holdings, as originally intended by the consortium. In the recent past, Vodafone has been making efforts to cut down on debt or achieve cost savings by either selling or merging businesses. In November 2023, it decided to sell its Spanish business to Zegona Communications for €5bn. Prior to that, Vodafone and CK Hutchinson had agreed to combine their UK telecoms businesses at an estimated £15bn enterprise value.
Vodafone’s euro and dollar-denominated bonds were trading steady, with its USD 4.125% 2025s at 98.94, yielding 5.41%.
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