SALE OF INDIAN STANDALONE TOWER BUSINESS COMPLETED

RNS Number : 5331J

Vodafone Group Plc

03 April 2018

 

3 April 2018

COMPLETION OF THE SALE OF VODAFONE'S STANDALONE TOWER BUSINESS IN INDIA

TO AMERICAN TOWER

Further to the announcement dated 13 November 2017, Vodafone India has completed the sale of its standalone tower business in India[1] to ATC Telecom Infrastructure Private Limited ("ATC") for an enterprise value of INR 38.5 billion (€ 478 million).[2]

In the Vodafone India / Idea merger announcement of 20 March 2017, both parties announced their intention to sell their individual standalone tower businesses to strengthen the combined financial position of the merged entity. The merger is expected to complete in the first half of the current calendar year.

Completion of Idea's sale of its standalone tower business to ATC is also expected in the first half of this calendar year.

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For further information:

Vodafone Group
Media Relations	Investor Relations
www.vodafone.com/media/contact	Telephone:  [phone]

About Vodafone

Vodafone Group is one of the world's largest telecommunications companies and provides a range of services including voice, messaging, data and fixed communications. Vodafone Group has mobile operations in 25 countries, partners with mobile networks in 49 more, and fixed broadband operations in 18 markets. As of 31 December 2017, Vodafone Group had 529.1 million mobile customers and 19.3 million fixed broadband customers, including India and all of the customers in Vodafone's joint ventures and associates. For more information, please visit: www.vodafone.com

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[1] Vodafone India's standalone tower businesses were sold by Vodafone Mobile Services Limited and Vodafone India Limited

[2] Subject to customary closing adjustments. Based on INR/€ FX rate of 80.62 

 

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