Vodaphone Spin-off (Vantage Towers) Notes

November 19, 2020 – Update

  • In January 2020, Vodaphone announced that it intends to spin off its European mobile tower business, Vantage Towers.
  • Bloomberg reported Vantage Towers is looking to raise 5BN EUR in the IPO.
  • Morning star analyst report.
  • Appears that Vodaphone will IPO part of the business but retain a majority stake in it.
  • Transaction is on track for Q1 2021.
  • Vodaphone is currently valued at 5x EBITDA.
  • Tower business will be valued significantly higher than that (20x+).
  • Vantage Tower will pay a “chunky” dividend. Will pay out 60% of recurring earnings as a dividend. This works out to 280MM euros.