Exclusive - Infra funds circle Vodafone for $16 billion Vantage Towers deal

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Exclusive - Infra funds circle Vodafone for $16 billion Vantage Towers deal

Global infrastructure funds have approached Vodafone to invest in its $16 billion mast company Vantage Towers but the telecoms giant's preference is for an industry merger, sources familiar with the matter told Reuters.

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The bidders, which include investment firms Brookfield and Global Infrastructure Partners (GIP), have submitted unsolicited proposals in recent weeks valuing Vantage Towers at a premium to its current valuation of 15 billion euros ($16.57 billion), one of the sources said, speaking on condition of anonymity.

The offers are for a majority stake in Vantage Towers, the source said, adding that Vodafone was studying the proposals and had not taken any decision.

Vodafone, which listed Vantage Towers in Frankfurt last year and still owns 81per cent of the business, has been reluctant to engage in talks with financial investors as it seeks to clinch an industry merger for Vantage with either Deutsche Telekom's towers unit DFMG or Orange's Totem, two separate sources said, cautioning no deal was imminent.

Vodafone, Orange and Brookfield declined to comment while GIP was not immediately available for comment.

A spokesperson for Deutsche Telekom said the company was reviewing strategic options for its infrastructure business, without elaborating.