Unique: Britain’s Virgin Media O2 nears stake sale in towers enterprise to GLIL

LONDON, Oct 28 (Reuters) – Virgin Media O2 is in distinctive talks to market a slice of its shareholding in Britain’s greatest cell tower community to GLIL Infrastructure, in accordance to four resources familiar with the make any difference, in a offer that could worth the company at about 2.5 billion lbs . ($3.03 billion).

GLIL, a partnership of British pension money, has prevailed over other expense firms in an auction that Virgin Media O2’s entrepreneurs, Liberty World wide (LBTYA.O) and Telefonica (TEF.MC), held for portion of their 50% stake in the tower enterprise, known as Cornerstone, previously this year, the sources stated on Friday.

If negotiations are concluded properly, a offer for a minority stake of considerably less than 25% could be declared as early as up coming week, two of the resources added.

The resources cautioned that there remained a chance that no deal would be accomplished and asked not to be discovered for the reason that the subject is private.

Telefonica and Liberty World-wide have been operating with advisers on the sale of up to 50 percent of their blended 50% stake in Cornerstone.

Vodafone (VOD.L) owns the rest of the small business by its Frankfurt-primarily based subsidiary Vantage Towers (VTWRn.H).

Spokespeople for Telefonica, Liberty International, Virgin Media O2 and GLIL declined to remark.

Cornerstone, set up in 2012, is Britain’s most significant tower enterprise, managing extra than 20,000 web-sites, according to the company’s website.

In modern several years infrastructure and non-public equity buyers have competed for slices in some of the largest tower deals, together with Deutsche Telekom’s sale of a greater part stake in GD Towers, because of their secure funds generate and long-phrase contracts.

($1 = .8241 lbs)

Reporting by Amy-Jo Crowley and Andres Gonzalez, with more reporting by Paul Sandle
Enhancing by Helen Popper

Our Requirements: The Thomson Reuters Trust Rules.

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Andres Gonzalez addresses M&A for Reuters, dependent in London. With over 12 several years of practical experience as a correspondent in Spain, he has noted on diverse sectors, including banking, TMT, vitality, infrastructure and genuine estate. Andres has also described on important breaking information events, these kinds of as the Barcelona attacks and many general elections, showcasing his versatility and capacity to handle critical and time-sensitive tales
Andres’ journalism vocation started at Reuters in Spain, in which he honed his abilities in financial reporting. In search of new problems, he ventured into the world of General public Relations, doing the job for Banco Santander with a distinct aim on Wealth Administration and Financial commitment Banking divisions. His expertise in the two journalism and PR has supplied him with a effectively-rounded point of view on the economic business.
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