Vodafone Group Plc is planning to announce the giant preliminary public providing of its European towers unit in the approaching days, in accordance to folks acquainted with the matter.
The intention-to-float doc for Vantage Towers could possibly be printed as quickly as Wednesday morning, the folks mentioned, asking not to be recognized discussing non-public info. Vantage Towers could possibly be valued at 15 billion euros ($18.2 billion) or extra in the IPO, the decrease vary of analyst estimates, the folks mentioned.
Discussions are ongoing and the timing of the Vantage Towers announcement may change, the folks mentioned. Representatives for Vodafone and Vantage Towers declined to remark.
The firm can be competing for buyers with Cellnex Telecom SA, which earlier this month introduced plans for a capital enhance of as a lot as 7 billion euros to assist fund its acquisition of French telecommunication towers from billionaire Patrick Drahi’s Altice Europe NV.
Carving out towers is the centerpiece of Vodafone Chief Executive Officer Nick Read’s technique to squeeze extra worth from property owned by the U.Ok. telecommunications giant. Proceeds from the IPO will go towards paying down some of Vodafone’s multibillion-euro debt pile, the corporate has mentioned.