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- Virgin Media O2 has agreed to sell an 8.33% minority stake in the Cornerstone mobile towers JV to Equitix, while retaining a 25.01% holding in Cornerstone overall
- The deal, which will see Virgin Media O2 receive £186m in cash upon completion, is structured through a 16.66% sale in a holding company which indirectly owns 50% of Cornerstone
- The deal follows on from and is on equivalent terms to the previous minority stake sale in November 2023
Virgin Media O2 has today announced an agreement to sell an 8.33% minority stake in mobile tower joint venture Cornerstone Telecommunications Infrastructure Limited (“Cornerstone”), to funds managed by Equitix Investment Management Limited (“Equitix”). This follows on from a previous minority stake sale in Cornerstone by Virgin Media O2 completed in November 2023.
The transaction will see Virgin Media O2 sell a 16.66% stake in a holding company that indirectly owns 50% of Cornerstone, receiving £186 million in cash upon completion along equivalent terms to the previous stake sale. Under the ownership structure, Virgin Media O2 will continue to proportionately consolidate Cornerstone as a joint operation.
