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: Vodafone plans IPO for towers business in Frankfurt next year

(FILES) In this file photo taken on January 30, 2018 The logo of British mobile phone giant Vodafone welcomes visitors at their retail shop in central London

ben stansall/Agence France-Presse/Getty Images

Vodafone Group on Friday said it would list its towers infrastructure business in Frankfurt next year.

Vodafone VOD, -3.02% 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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