LONDON\/FRANKFURT: Vantage Towers<\/a>, the mobile masts company spun out of Vodafone Group<\/a>, plans to float in Frankfurt by the end of March in a deal that could value it at up to 18 billion euros ($22 billion), making it Europe's largest listing so far this year.
Duesseldorf, Germany-headquartered Vantage operates 82,000 towers across 10 countries, where it is usually the leading or second largest supplier. Germany is its largest market.
Vodafone<\/a> said on Wednesday it would sell a \"meaningful minority\" stake to create a liquid market in Vantage Towers' shares. It will use proceeds to cut debt, which totals around 69 billion euros, according to Refinitiv data.
No new shares will be sold, meaning Vantage will not make money from the deal.
People familiar with the matter said stock worth about 3 billion euros would be sold, possibly giving the company a valuation of 15-18 billion euros.
That would make Vantage the largest European listing of the year in a busy season that has seen $12 billion Polish firm InPost, $10 billion German used-car trading platform AUTO1 and $5 billion British boot brand Dr. Martens join stock markets.
The deal would also be the largest European telecoms IPO since that of Belgacom in 2014, and Germany's largest listing since that of Knorr Bremse in 2018, both of which raised $4.4 billion, according to Refinitiv data.
Vantage's CEO Vivek Badrinath said growth in data traffic, the roll-out of 5G and tougher coverage requirements, for example in Germany and Britain, underpinned its prospects.
\"These three factors will drive demand for new tenancies and new tower sites,\" he said, adding he aimed to increase the average number of mobile operators using each mast from 1.39 to more than 1.5.
MOVING MARKET<\/strong>
The value of mobile infrastructure - masts, energy supply and backhaul connections - has surged as investors look for secure long-term income.
Vodafone rival Orange launched its own towers unit this month, while Spain's Cellnex, Europe's biggest towers company, is raising 7 billion euros for expansion.
Despite recent deals, room for more consolidation remains, as about 170,000 towers in Europe are still owned by telecoms companies and not by specialized tower firms, Badrinath said.
Vantage will also have 1 billion euros of leverage for deals, he added, and the ability to issue more equity.
Its focus on listing meant it was not in talks at the moment, he said, \"but the market is moving, so we expect that there'll be action in the latter part of the year for sure\".
Vantage said late last year it expected to report pro forma adjusted core earnings of up to 540 million euros in the financial year to the end of March.
Rivals such as Cellnex, American Tower, Crown Castle and SBA Communications trade at 25-30 times their core earnings.
Vantage said it would pay 60% of recurring cash flow in dividends, and intended to pay out 280 million euros this financial year.
It is on track for a leverage ratio of four times core earnings at the end of March, allowing it to balance investment, acquisitions and returns, it added.
Bank of America, Morgan Stanley<\/a> and UBS are organising the IPO with the help of Barclays , Berenberg, BNP Paribas, Deutsche Bank , Goldman Sachs<\/a> and Jefferies.
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沃达丰的塔臂迄今2021年欧洲最大的IPO计划
沃达丰(Vodafone)周三表示,将出售“有意义的少数民族”的股权创造有利的塔的股票流动性的市场。它将使用收益削减债务,总额约690亿欧元,根据Refinitiv数据。
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保罗八婆和阿诺Schuetze
路透伦敦/法兰克福:有利的塔移动桅杆公司剥离出来的沃达丰集团,计划3月底漂浮在法兰克福的一项协议,价值高达180亿欧元(220亿美元),成为欧洲最大的清单今年迄今为止。
杜塞尔多夫,Germany-headquartered优势在10个国家设有82000个塔,它通常是领先或第二大供应商。德国是其最大的市场。
沃达丰(Vodafone)周三表示,将出售“有意义的少数民族”的股权创造有利的塔的股票流动性的市场。它将使用收益削减债务,总额约690亿欧元,根据Refinitiv数据。
不会出售新股,这意味着优势不会赚钱的交易。
知情人士表示,股票价值约30亿欧元将被出售,可能给该公司的估值提升十亿欧元。
这将使优势最大的欧洲上市年旺季InPost波兰公司,120亿美元,德国100亿美元二手车交易平台AUTO1 Martens博士和50亿美元英国引导品牌加入股市。
这笔交易也是最大的Belgacom欧洲电信IPO以来,2014年,和德国最大的克诺尔Bremse上市以来,在2018年,这两个筹集了44亿美元,据Refinitiv数据。
有利的首席执行官Vivek Badrinath朝拜说数据流量增长的推出5 g和更严格的覆盖要求,例如在德国和英国,支撑它的前景。
”这三个因素将推动新的租约和塔网站的需求,”他说,他旨在增加移动运营商使用每个桅杆的平均数量从1.39到1.5以上。
移动市场
移动基础设施的价值——桅杆、能源供应和回程连接,由于投资者寻找安全的长期收入大幅上升。
沃达丰对手橙色本月推出了自己的塔单元,而西班牙Cellnex欧洲最大的塔公司为扩张筹集70亿欧元。
尽管最近的交易,更多整合的空间依然存在,欧洲大约170000塔仍属于电信公司,而不是由专门的塔公司,Badrinath朝拜说。
优势也将10亿欧元的杠杆交易,他补充说,发行更多股票的能力。
关注上市意味着不进行谈判,他说,“但市场移动,所以我们预计会有行动在今年下半年肯定”。
有利去年底表示,预计报告形式上的调整核心盈利高达5.4亿欧元的财政年度到3月底。
Cellnex等竞争对手,美国的塔,皇冠城堡和SBA通信核心市盈率在25 - 30倍。
有利的表示,它将支付60%的股息,反复出现的现金流和本财政年度用于支付2.8亿欧元。
是正轨的核心盈利四倍的杠杆比率在3月底,让它平衡投资、并购和回报,它补充说。
美国银行(Bank of America),摩根士丹利(Morgan Stanley)和瑞银(UBS)与巴克莱的帮助下,组织此次IPO贝伦贝格,法国巴黎银行(BNP Paribas)、德意志银行(Deutsche Bank)、高盛(Goldman Sachs)和杰。
路透伦敦/法兰克福:有利的塔移动桅杆公司剥离出来的沃达丰集团,计划3月底漂浮在法兰克福的一项协议,价值高达180亿欧元(220亿美元),成为欧洲最大的清单今年迄今为止。
杜塞尔多夫,Germany-headquartered优势在10个国家设有82000个塔,它通常是领先或第二大供应商。德国是其最大的市场。
沃达丰(Vodafone)周三表示,将出售“有意义的少数民族”的股权创造有利的塔的股票流动性的市场。它将使用收益削减债务,总额约690亿欧元,根据Refinitiv数据。
不会出售新股,这意味着优势不会赚钱的交易。
知情人士表示,股票价值约30亿欧元将被出售,可能给该公司的估值提升十亿欧元。
这将使优势最大的欧洲上市年旺季InPost波兰公司,120亿美元,德国100亿美元二手车交易平台AUTO1 Martens博士和50亿美元英国引导品牌加入股市。
这笔交易也是最大的Belgacom欧洲电信IPO以来,2014年,和德国最大的克诺尔Bremse上市以来,在2018年,这两个筹集了44亿美元,据Refinitiv数据。
有利的首席执行官Vivek Badrinath朝拜说数据流量增长的推出5 g和更严格的覆盖要求,例如在德国和英国,支撑它的前景。
”这三个因素将推动新的租约和塔网站的需求,”他说,他旨在增加移动运营商使用每个桅杆的平均数量从1.39到1.5以上。
移动市场
移动基础设施的价值——桅杆、能源供应和回程连接,由于投资者寻找安全的长期收入大幅上升。
沃达丰对手橙色本月推出了自己的塔单元,而西班牙Cellnex欧洲最大的塔公司为扩张筹集70亿欧元。
尽管最近的交易,更多整合的空间依然存在,欧洲大约170000塔仍属于电信公司,而不是由专门的塔公司,Badrinath朝拜说。
优势也将10亿欧元的杠杆交易,他补充说,发行更多股票的能力。
关注上市意味着不进行谈判,他说,“但市场移动,所以我们预计会有行动在今年下半年肯定”。
有利去年底表示,预计报告形式上的调整核心盈利高达5.4亿欧元的财政年度到3月底。
Cellnex等竞争对手,美国的塔,皇冠城堡和SBA通信核心市盈率在25 - 30倍。
有利的表示,它将支付60%的股息,反复出现的现金流和本财政年度用于支付2.8亿欧元。
是正轨的核心盈利四倍的杠杆比率在3月底,让它平衡投资、并购和回报,它补充说。
美国银行(Bank of America),摩根士丹利(Morgan Stanley)和瑞银(UBS)与巴克莱的帮助下,组织此次IPO贝伦贝格,法国巴黎银行(BNP Paribas)、德意志银行(Deutsche Bank)、高盛(Goldman Sachs)和杰。
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