Deals
Vodafone Surges on Possible IPO, Stake Sale of Towers Unit
- Business could have enterprise value of EU16B: New Street
- Carrier wants to raise money from infrastructure to cut debt
A Vodafone Group Plc telecommunications mast.
Photographer: Krisztian Bocs/Bloombergi
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Vodafone Group Plc shares gained the most in more than a decade on the phone carrier’s plan to carve out its towers business and consider an initial public offering or minority stake sale of the new unit.
The stock rose as much as 10.4%, the biggest intraday jump since November 2008, after the carrier announced plans to separate Europe’s largest towers portfolio alongside financial results that beat expectations. The business, which will operate independently by May 2020, will include 61,700 masts in 10 countries, Vodafone said in a statement.