Virgin Media 02 could bag up to £750m from selling stake in masts business
Telecoms company Virgin Media O2 has reportedly started the process to sell part or all of its stake in Cornerstone, the operator of Britain’s largest mobile tower network.
Virgin Media O2 is set to sell at least half of its 25 per cent stake in the company and will use the funds to fuel its expansion to full fibre broadband, the Financial Times reported.
Cornerstone currently operates 14,200 “macro sites” on behalf of Virgin Media O2 and Vantage Towers.
Cornerstone, which is also partly owned by the tower company, Vantage Towers, could be valued at up to £3bn, meaning Virgin Media O2 could secure around £750 million for the deal, the report said.
Proposal requests for Cornerstone would be sent out “imminently,” according to the report.
Virgin Media O2 declined to comment on the report.
Liberty Global and Telefónica — Virgin Media O2’s parent companies — were also approached for comment.