Vodafone towers unit set for $17bn valuation

10 March, 2021 12:00 AM printer

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, reports AFP.

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 capitalisation for Vantage Towers of 11.4 billion euros to 14.7 billion euros", it added.