Virgin Media O2 has kicked off the sale of its share in Cornerstone, which owns and manages Britain’s largest mobile tower network. Cornerstone is likely to be valued at up to 3 billion pounds ($3.73 billion), the Financial Times news report said.
Virgin Media O2, which is owned by Liberty Global and Telefonica, has 50 percent stake in Cornerstone. Vodafone-backed Vantage Towers, a leading telecom tower company in Europe, owns the balance 50 percent of Cornerstone.
At present, Cornerstone is the largest tower infrastructure company in the UK with 14,200 masts and about 1,400 smaller micro sites. Cornerstone has committed to building a further 1,200 new sites by 2025.
Cornerstone made adjusted earnings before interest, tax, depreciation and amortisation after leases of £111 million in 2020.