The U.K.’s Vodafone Group has confirmed that it will create a separate business to house its tower infrastructure in Europe.
Vodafone said the new entity, dubbed TowerCo, woill be the largest tower company in Europe. Its assets include 61,700 towers across ten markets, with 75% of these sites in Germany, Italy, Spain and the U.K.
TowerCo is expected to be operational by May 2020 with Vodafone pursuing the “potential of monetization opportunities” for it over the next 18 months. Proceeds will be used to cut the operator group’s debt. Vodafone said that these potential opportunities includes an IPO of TowerCo.