StockMarketWire.com - Telecom company Vodafone said Rudiger Grube had been appointed chairman of the supervisory board of tower infrastructure business Vantage Towers.

The appointment was made in preparation for the business's initial public offering in early 2021.

Grube would join the supervisory board and become chairman upon formal election and nomination, in advance of the IPO.

He previously had a long career at Daimler across a variety of roles, was CEO of Deutsche Bahn, and was chairman and non-executive director of Airbus.

Grube was currently chairman of the supervisory board of both Vossloh and Hamburger Hafen und Logistik.

Separately, Vodafone said had received consent from its lenders for a security package related to the merger of Indus Towers and Bharti Infratel in India.

The package was for a €1.3 billion loan utilised to fund Vodafone's contribution to a Vodafone Idea rights issue in 2019.

'The parties will now approach the National Company Law Tribunal to make the merger scheme effective,' Vodafone said.

'The parties are working to complete the transaction expeditiously.'



Story provided by StockMarketWire.com