Vantage Towers Receives Takeover Offer at EUR 32 per Share; Fair Acquisition Price

Vantage Towers has received a takeover offer from Vodafone, Vantage’s majority shareholder (81.7% stake), and private equity funds KKR and Global Infrastructure Partners, for EUR 32 per share. The takeover price represents a 10.3% premium to our previous EUR 29 fair value estimate. We are raising our fair value estimate for Vantage Towers to EUR 32 per share from EUR 29, based on a 100% probability of the deal going ahead. We are maintaining our GBX 135 fair value estimate for Vodafone. We believe minority shareholders in Vantage are getting a fair price for their shares, with the business being valued at 26 times the enterprise value/2022 EBITDA (after leases), a multiple in line with recent transactions across the European tower sector.