- Vodafone ( NASDAQ: VOD ) said on Wednesday that it would sell a chunk of its stake in Vantage ( OTCPK:VTWRF ), its wireless infrastructure unit, to a couple of private equity firms and use the cash to pay down debt.
- Vodafone is selling a portion of Vantage to GIP and KKR ( NYSE: KKR ) and will use at least 3.2B Euros to pay down debt. As part of the deal, it will create a new joint venture with the private equity firms, which will also buy out the minority shareholders in Vantage, according to Reuters .
- Prior to the deal, Vodafone ( VOD ) owned roughly 82% of Vantage ( OTCPK:VTWRF ), which is listed in Germany.
- New York-listed Vodafone ( VOD ) shares fell 2.3% to $12.08 in premarket trading.
- Last month, it was reported that American Tower ( AMT ) was considering a bid for a stake in Vodafone's ( VOD ) Vantage Towers ( OTCPK:VTWRF ) wireless infrastructure unit .
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Vodafone sells majority stake in wireless infrastructure unit to PE firms, including KKR