- Vodafone said it had moved to legally separate its towers business into a new organisation, TowerCo, by May 2020, and could list the company within the next 18 months.

The new company would be Europe's largest tower company, comprising 61,700 towers in 10 markets with potential proportionate EBITDA of around €900m.

It said preparations were underway for a variety of monetisation alternatives, to be executed during the next 18 months (depending on market conditions), including a potential IPO of the tower company.

'Building on our position as Europe's largest converged operator, we are now creating Europe's largest tower company. Given the scale and quality of our infrastructure, we believe there is a substantial opportunity to unlock value for shareholders while capturing the significant industrial benefits of network sharing for the digital society. We are focussed on executing this strategic priority over the next 18 months,' said Nick Read, CEO.

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