Virgin Media O2 has kicked off the sale of part or all of its share in the UK’s largest mobile tower network in a deal that could raise hundreds of millions for the expansion of its fibre broadband and mobile operations.
The group, owned by Liberty Global and Telefónica, owns half of Cornerstone, the company that possesses and manages its mobile infrastructure in the UK, with the other half belonging to Vodafone-backed Vantage Towers.
Virgin Media O2 has started the process to sell at least half of its stake — 25 per cent of the business overall — although it would also consider the sale for the whole stake depending on offers, according to a person familiar with the process.
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