Vodafone has announced the sale of a further 10% stake in Oak Holdings, the partnership that co-controls Vantage Towers, for €1.3bn (£1.1bn).

The sale achieves the equal joint ownership structure, in line with the long-term infrastructure that was envisaged when the co-control partnership, led by Global Infrastructure Partners and KKR, was first announced.

The sale equates to €32 (£26.97), which is the same price as the initial transaction that was announced in November.

This takes the British telecommunication firm’s total net proceeds from the sell down in Vantage Towers to €6.6bn (£5.56bn).

Vodafone has said that the proceeds will be used for deleveraging and will reduce its net debt/adjusted EBITDA by 0.1 times, in line with its target of operating in the lower half of its 2.25 times to 2.75 times leverage range.

As a result of the sale, Oak Holdings now owns 89.3% of Vantage Towers, with Vodafone’s effective ownership now standing at 44.7%.

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