Jul 26, 2019

Vodafone explores a listing of its towers business

Vodafone could list its towers business within 18 months after moving to legally separate the masts into an independent company. The business would be Europe's largest independent towers company with 61,700 towers across 10 countries. Vodafone said it would also continue to explore a sale of a minority stake in its tower company on a country-by-country basis if it creates more value than an IPO. The FT reported in September that Nick Read, then the incoming chief executive of Vodafone, had told investors he was considering a sale of the company's directly controlled towers. Amazon's move to one-day shipping reinvigorated revenue growth in the second quarter but cost more than the ecommerce company anticipated, causing it to miss Wall Street's earnings estimates and end a run of record quarterly profits. Organic sales growth, a key metric for the industry, rose from 2.8 per cent to 3.6 per cent, in line with analyst forecasts provided by the company and the highest half yearly number since 2015.

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