{"id":77823,"date":"2023-10-28T11:58:11","date_gmt":"2023-10-28T15:58:11","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/exclusive-britains-virgin-media-o2-nears-stake-sale-in-towers-business-to-glil-sources\/"},"modified":"2023-10-28T11:58:14","modified_gmt":"2023-10-28T15:58:14","slug":"exclusive-britains-virgin-media-o2-nears-stake-sale-in-towers-business-to-glil-sources","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77823","title":{"rendered":"Exclusive-Britain’s Virgin Media O2 nears stake sale in towers business to GLIL \u2013 sources"},"content":{"rendered":"
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\u00a9 Reuters. Youths look at their mobile phones as they sit in a giant deckchair on the South Pier following the outbreak of the coronavirus disease (COVID-19) in Blackpool, Britain, August 16, 2020. Picture taken August 16, 2020. REUTERS\/Phil Noble\/File Photo<\/span>
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By Amy-Jo Crowley, Andres Gonzalez and Paul Sandle<\/p>\n

LONDON (Reuters) – Virgin Media O2 is in exclusive talks to sell a slice of its shareholding in Britain’s largest mobile tower network to GLIL Infrastructure, according to four sources familiar with the matter, in a deal that could value the business at about 2.5 billion pounds ($3.03 billion).<\/p>\n

GLIL, a partnership of British pension funds, has prevailed over other investment firms in an auction that Virgin Media O2’s owners, Liberty Global (NASDAQ:) and Telefonica (NYSE:), held for part of their 50% stake in the tower company, called Cornerstone, earlier this year, the sources said on Friday.<\/p>\n

If negotiations are concluded successfully, a deal for a minority stake of less than 25% could be announced as early as next week, two of the sources added. <\/p>\n

The sources cautioned that there remained a chance that no deal would be completed and asked not to be identified because the matter is confidential.<\/p>\n

Telefonica and Liberty Global have been working with advisers on the sale of up to half of their combined 50% stake in Cornerstone.<\/p>\n

Vodafone (NASDAQ:) owns the rest of the business through its Frankfurt-based subsidiary Vantage Towers.<\/p>\n

Spokespeople for Telefonica, Liberty Global, Virgin Media O2 and GLIL declined to comment. <\/p>\n

Cornerstone, established in 2012, is Britain’s largest tower company, managing more than 20,000 sites, according to the company’s website.<\/p>\n

In recent years infrastructure and private equity investors have competed for slices in some of the largest tower deals, including Deutsche Telekom (OTC:)’s sale of a majority stake in GD Towers, because of their stable cash yield and long-term contracts.<\/p>\n

($1 = 0.8241 pounds) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Youths look at their mobile phones as they sit in a giant deckchair on the South Pier following the outbreak of the coronavirus disease (COVID-19) in Blackpool, Britain, August 16, 2020. Picture taken August 16, 2020. REUTERS\/Phil Noble\/File Photo By Amy-Jo Crowley, Andres Gonzalez and Paul Sandle LONDON (Reuters) – Virgin Media O2 […]<\/p>\n","protected":false},"author":1,"featured_media":5023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-77823","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nExclusive-Britain's Virgin Media O2 nears stake sale in towers business to GLIL \u2013 sources | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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