British telecom major Vodafone has set the price range for its tower company Vantage Towers’ IPO between €22.50 to €29 ($26.70-$34.50) a share. This could mark an equity value between €11.4bn ($13.5bn) and €14.7bn ($17.5bn) which combined with their debt of €2.1bn ($2.5bn) leads to an enterprise value of the business at ~€17bn ($20.2bn). Vodafone will sell almost 25% stake in the company. As per FT, Vantage has 82k masts across 10 markets and Digital Colony, the digital infrastructure investor, will buy €500mn ($594mn) of shares in Vantage while Singapore fund RJR will acquire a stake worth €450mn ($535mn). Vodafone’s bonds were stable – their USD 6.25% 2078s were at 109.55, yielding 3.16% and their EUR 3% 2080s were at 101.71, yielding 2.79%.
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