Vantage Towers has announced that Vodafone will create a Joint Venture (JV) with Global Infrastructure Partners (GIP) and KKR, to hold Vodafone’s 81.7% stake in Vantage Towers in Germany.
The consortium will obtain a shareholding in the JV of up to 50% and will make a voluntary takeover offer (VTO) for the outstanding Vantage Towers shares that are not held by Vodafone. JV will introduce a voluntary takeover offer for outstanding Vantage Towers shares for EUR32 (US$32.14) per share, a premium of 19% to the three-month volume-weighted average price, a premium of 33% to Vantage Towers' IPO price and a multiple of 26x adjusted EBITDAaL for the 12 month period ended March 31, 2022. The consortium will obtain a shareholding in the JV of up to 50%.
The transaction is expected to be completed in the first half of 2023. Rothschild & Co is acting as financial advisor to Vantage Towers and Orrick Herrington & Sutcliffe is acting as legal advisor to the company.