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.