Vodafone Group on Friday said it would list its towers infrastructure business in Frankfurt next year.
Vodafone VOD, -3.94% VOD, -1.50% said Vantage Towers, with more than 68,000 towers across nine markets, will be spun off in early 2021 as it also inked a deal to merge its Greek assets with Wind Hellas Telecommunications .
Vodafone separately said fiscal first-quarter organic service revenue fell 1.3%, with total revenue falling 1.4% to £10.5 billion.
Vodafone had said in July 2019 that it was looking to separate out its towers infrastructure business, and had been running the unit as a separate company since May 2020. The Dusseldorf-headquartered company will be run by Vivek Badrinath and still be majority held by Vodafone after the IPO.
It released proforma fiscal 2020 results, showing an operating profit of €523 million on revenue of €950 million.
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