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Vodafone Group PLC on Thursday said it has completed its co-control joint venture partnership with Oak Holdings GmbH for the voluntary takeover of Vantage Towers AG. The Berkshire, England-based telecommunications provider said it has received initial net cash proceeds of €4.9 billion, and now holds 64% of Oak Holdings, which itself owns 89% interest in Vantage Towers. Vantage Towers is a Dusseldorf, Germany-based, Europe-focused mobile tower company. On Wednesday, Vantage Towers announced its delisting from the Frankfurt Stock Exchange, following its signing of a delisting agreement with Oak Holdings, after it recommended Oak Holdings’ offer of €32.00 per share to its shareholders in December. Vodafone added that Vantage Towers will redeem its outstanding bonds, worth €2.2 billion. Oak Holdings said it has sufficient debt facilities to enable Vantage Towers to repay these bonds in full. Vantage Towers shares rose 0.2% to €33.52 each in Frankfurt at close on Thursday, while Vodafone shares fell 0.2% to 91.19 pence each in London at close on Thursday. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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