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Vodafone to spin off its Vantage Towers business

by LLB Editor
16th Nov 20 8:55 am

The telecoms giant Vodafone Group has reported that revenue fell 2.3 per cent in the second quarter as it continued to be hit by coronavirus disruption. Revenue fell 1.3 per cent in the first quarter.

Nick Read, group chief executive, said: “Covid-19 and the reduction in roaming revenues, through the significant reduction in international travel, is currently obscuring our underlying commercial progress.”

Alongside the results Vodafone confirmed that it was on track to spin-off and list its Vantage Towers business in Frankfurt early next year. Bloomberg reported last week that the float could value the business at around €20 billion. The move further shifts the telecoms group away from Britain.

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