Johannesburg – Vodacom Group is looking beyond virus-induced market turbulence and pressing ahead with asset as Chief Executive Officer Nick Read pushes to squeeze more out of company assets.
The company said Friday the initial public offering for the tower unit is on track for early 2021 in Frankfurt, assuaging investors concerned that the pandemic would derail this plank in Read’s strategy.
Vodafone also said it was merging its towers in Greece with Wind Hellas Telecommunications SA.
“Big picture, everything looks to be on track,” said James Ratzer, an analyst at New Street Research.
Advisers had already been invited to pitch for the towers IPO, which was announced last year and was seen raising more than 2 billion Euros ($2.3 billion), at a valuation of between 10 billion Euros and 20 billion Euros.
The company said its new Vantage Towers venture produces earnings before interest, tax, depreciation and amortization of 680 million Euros. That estimate seems to trail the 900 million Euros the company had flagged about a year ago, said Ratzer.
