VMEDO2 - comment
A further sale of VMED’s stake in the towers business has been on the cards, and the additional £150m - £160m will reduce the debt portion of the £850m shareholder distribution in FY24. VMED and Liberty Global concentrate on owning customer relationships over infrastructure assets. The price values the equity of CTIL at around €2bn (vs €2.2bn when VMED sold 16.67% of CTIL in October 2023) and VMED’s remaining stake at £500m
CTIL owns the Tower assets of VMED and Vodafone. VMED held 50% of CTIL via a subsidiary called Granstone. It has now sold 50% of Granstone to GLIL (33%) and Equitex (17%)
On 30 June 24 CTIL had a £575m facility (£335m undrawn).