Vodafone said it would sell a portion of its majority stake in wireless towers unit Vantage to private equity firms GIP and KKR , and use the minimum proceeds of 3.2 billion euros to pay down its debt.
The British telecoms group said its would create a new joint venture with the investors, which would result in the deconsolidation of its 81.7% stake.
The joint venture would also buy out the minority shareholders in Frankfurt-listed Vantage, it said on Wednesday.Reporting by Sachin Ravikumar and Paul Sandle; Editing by Kate Holton
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