: Vodafone is planning an IPO for the tower enterprise in Frankfurt subsequent 12 months

(FILES) In this file, a photo was taken on January 30, 2018, of the British cellular giant Vodafone, who welcomes visitors to their retail store in central London

ben stansall / Agence France-Presse / Getty Images

The Vodafone Group announced on Friday that it will list its tower infrastructure business in Frankfurt next year.

Vantage Towers, with more than 68,000 towers in nine markets, will be spun off in early 2021 following the signing of a contract to merge its Greek assets with Wind Hellas Telecommunications.

Vodafone separately announced that organic services revenue decreased 1.3% in the first quarter of the fiscal year and total revenue decreased 1.4% to GBP 10.5 billion.

Vodafone announced in July 2019 that it would separate the tower infrastructure business and had managed the unit as an independent company since May 2020. The company, headquartered in Düsseldorf, is managed by Vivek Badrinath and will continue to be majority-owned by Vodafone after the IPO.

The company published the results of the pro forma fiscal year 2020 with an operating profit of € 523 million and sales of € 950 million.

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