Vodafone towers unit set for 14.7-bn euro valuation

Vodafone towers unit set for 14.7-bn euro valuation

LONDON: British mobile phone giant Vodafone on Tuesday announced the price range for the upcoming German stock market flotation of its towers business, valuing the unit at up to 14. 7 billion euros ($17. 4 billion). The float of up to one-quarter of Vantage Towers comes amid increasing demand for mobile telecommunications connectivity across Europe, driven by data growth, 5G roll-out and regulatory coverage obligations. Mobile phone giants are also floating or selling off their tower businesses in order to slash debt. German-headquartered Vantage Tower will have its first day of trading on the Frankfurt stock market on or around March 18, with a price-per-share range of between 22. 5 euros and 29 euros, Vodafone said in a statement. The initial public offering (IPO) "implies a total market capitalization for Vantage Towers of 11. 4 billion euros to 14. 7 billion euros," it added. Digital Colony, a digital infrastructure investor and operator based in the US, has agreed to be a cornerstone investor in the IPO, alongside RRJ, a global equity fund based in Singapore, with commitments of 500 million euros and 450 million euros, respectively. "The Vantage Towers IPO is moving ahead at pace," Vantage chief executive Vivek Badrinath