London/Dusseldorf Vodafone has transferred its shares in the radio tower subsidiary Vantage Towers to the new Oak Holdings and has brought in billions in proceeds. Vodafone will receive 4.9 billion euros and now hold 64 percent of the parent company Oak Holdings, the telecommunications group announced on Thursday in London.
Net proceeds could increase to as much as €6.6 billion by the end of June if the consortium of Global Infrastructure Partners and KKR, which owns Oak Holdings, decides to increase its stake to 50 percent. Vodafone and Vantage Towers stocks rose moderately after the news broke.
Oak Holdings plans to delist Vantage Towers around two years after the initial listing. Shareholders are to receive EUR 32 per share.
More: Oak Holdings plans to delist Vantage Towers