mynth
11/2022Majority

KKR & Global Infrastructure Partners take majority stake in Vantage Towers

GERMANY Telecom / Infrastructures EV €10–25bn

Context

Announced in November 2022, a consortium uniting Global Infrastructure Partners, KKR, and co-investors including Tower Bridge Infrastructure Partners and Saudi Arabia’s Public Investment Fund, the joint venture Oak BidCo executes a strategic co-control acquisition of Vantage Towers from Vodafone. The transaction was completed at a multiple of 26x adjusted EBITDAaL for the twelve-month period ended 31 March 2022. The structure of the agreement fundamentally reconfigures the telecommunications operator's balance sheet by transferring its 81.7% historical stake into the newly capitalized holding vehicle. Under the negotiated terms, the incoming American private equity sponsors will secure up to 50% ownership in the joint venture through substantial cash contributions, guaranteeing the seller minimum upfront proceeds of €3.2 billion, with potential maximum proceeds scaling up to €7.1 billion depending on final equity syndication. Concurrently, the acquiring consortium launches a voluntary takeover offer targeting all outstanding minority shares on the Frankfurt stock exchange at €32.0 per share, representing a 19% premium over the three-month volume-weighted average price. This specific minority buyout mechanism is heavily supported by a €1.6 billion non-recourse debt facility layered within the joint venture, alongside irrevocable acceptance undertakings from key minority stakeholders such as RRJ Capital. Should the consortium fail to cross the 95% threshold required to unilaterally squeeze out the remaining public shareholders, the structural blueprint incorporates a pre-approved domination and profit and loss transfer agreement (DPLTA) to establish de facto subsidiary control. Strategically, this deconsolidation allows the original parent group to meaningfully deleverage its corporate balance sheet and reallocate capital toward active 5G network rollouts. For the financial buyers, this aggressive capital deployment aims to accelerate a pan-European consolidation agenda, capitalizing on surging demand for digital connectivity while maintaining strict operational continuity through the joint governance framework. Subject to stringent regulatory clearances, the definitive closing of this landmark infrastructure transaction is officially scheduled for the first half of 2023.

Vantage Towers, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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Target

Through a vast network comprising approximately 83,000 telecommunication sites distributed across ten European countries, Vantage Towers operates as a premier digital infrastructure provider. The Frankfurt-listed entity specializes in managing and leasing passive mobile network infrastructure, playing a critical role in facilitating broad digital connectivity and data transmission. By maintaining an extensive physical footprint, the tower company enables mobile network operators to fulfill demanding coverage obligations and execute intensive densification requirements. The core operational model relies on delivering essential co-location services, accommodating both existing tenants and new third-party clients seeking to expand their broadcasting capabilities. Positioned as a strategic enabler of technological transitions, the enterprise supports the rapid deployment of next-generation 5G networks, distributed antenna systems, and emerging edge computing architectures. The organizational framework is designed to continuously optimize capacity and execute ambitious build-to-suit programs, ensuring resilient data connectivity for individuals and businesses. Ultimately, the infrastructure specialist concentrates on maximizing the utilization of its macro sites, offering secure and highly scalable physical assets that form the backbone of modern European telecommunications ecosystems.

Ent. Value

€10–25bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

15x–25x

EV / EBIT

Above 20x

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2022
[members only]
€450–900M
€450–900M
2021
[members only]
€450–900M
€450–900M

Other operations with KKR / Global Infrastructure Partners

Other operations with KKR / Global Infrastructure Partners
DateAcquirerTargetCountrySector
07/2023KKR / MUBADALACOOLIT SYSTEMSCANADAServers & Networks
12/2022KKRAPRILFRANCEBrokerage
09/2022KKRBARRACUDA NETWORKSUNITED STATESCybersecurity Services
02/2022KKRREFRESCONETHERLANDSBeverages
01/2022KKRACCELL GROUPNETHERLANDSCycling & Micromobility
12/2021KKRPUREGYMUNITED STATESHospitality
11/2020CINVEN / KKR / PROVIDENCE EQUITY PARTNERSMASMOVILSPAINOperators
10/2020KKR / TETHYS INVEST / ARDIAN / CNP ASSURANCES / MERIEUX EQUITY PARTNERSELSANFRANCEClinics / Hospitals
07/2020KKRDEVOTEAMFRANCEIT Services
03/2020KKRVIRIDORUNITED KINGDOMWaste-to-Energy

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REFERENCES

Valuation range: EV €10–25bn

EBITDA range: €450–900M

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Vantage Towers by KKR / Global Infrastructure Partners are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: vantage towers

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Vantage Towers, a German company specialised in Infrastructures, by KKR and Global Infrastructure Partners in 2022.

How was the acquisition of Vantage Towers by KKR valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €10–25bn band and its EV/EBITDA multiple within the 15x - 25x range. Exact figures are available to members.

What was Vantage Towers’s EBITDA at the time of the deal?

At the time of the transaction, Vantage Towers’s EBITDA was estimated within the €450–900M bracket (FY 2022). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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