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LONDON, Oct 28 (Reuters) – Virgin Media O2 is in unique talks to promote a slice of its shareholding in Britain’s greatest cellular tower community to GLIL Infrastructure, consistent with 4 assets conversant in the topic, in a deal that would price the industry at about 2.5 billion kilos ($3.03 billion).
GLIL, a partnership of British pension finances, has prevailed over different funding companies in an public sale that Virgin Media O2’s homeowners, Liberty World (LBTYA.O) and Telefonica (TEF.MC), held for a part of their 50% stake within the tower corporate, known as Cornerstone, previous this yr, the assets mentioned on Friday.
If negotiations are concluded effectively, a deal for a minority stake of not up to 25% might be introduced as early as subsequent week, two of the assets added.
The assets cautioned that there remained an opportunity that no deal could be finished and requested to not be known since the topic is confidential.
Telefonica and Liberty World were running with advisers at the sale of as much as part in their mixed 50% stake in Cornerstone.
Vodafone (VOD.L) owns the remainder of the industry via its Frankfurt-based subsidiary Vantage Towers (VTWRn.H).
Spokespeople for Telefonica, Liberty World, Virgin Media O2 and GLIL declined to remark.
Cornerstone, established in 2012, is Britain’s greatest tower corporate, managing greater than 20,000 websites, consistent with the corporate’s web site.
Lately infrastructure and personal fairness traders have competed for slices in one of the most greatest tower offers, together with Deutsche Telekom’s sale of a majority stake in GD Towers, as a result of their solid money yield and long-term contracts.
($1 = 0.8241 kilos)
Reporting by means of Amy-Jo Crowley and Andres Gonzalez, with further reporting by means of Paul Sandle
Modifying by means of Helen Popper
Our Requirements: The Thomson Reuters Accept as true with Ideas.
