Virgin Media O2 reportedly plotting sale of masts business
Virgin Media O2 (VMO2) is reportedly eyeing a sale of part or all of its share in the UK’s largest mobile tower network according to the FT.
Liberty Global and Telefonica own half of Cornerstone – the company that manages its mobile infrastructure in the UK, with the other half controlled by Vodafone-backed Vantage Towers.
VMO2 plans to sell half of its stake, representing 25% of the overall business. The FT states that the company would, however, be open to selling its entire stake.
Cornerstone is likely to be valued at around £3 billion. The company made EBITDA earnings of £11 million in 2020.
The firm, established in 2012, is the largest tower company in the UK, managing around 14,200 macro sites across the country.
According to a report from Reuters in February, Vodafone has no plans to cut its holding on the business.
Profits from the potential sale will be directed to VMO2’s full fibre rollout.
VMO2 has plans to upgrade its fixed network to full fibre-to-the-home premises by 2028.