StockMarketWire.com - Telecom company Vodafone said it and Telefonica had agreed to commercialise their Cornerstone Telecommunications Infrastructure joint venture.

The two companies had entered into long-term master services agreements with Cornerstone, with initial terms of eight years from 1 January 2021.

The agreements had three eight-year renewal periods and established Cornerstone as a preferred supplier of new sites for both operators.

Cornerstone owned and managed Vodafone and Telefonica's passive tower infrastructure in the UK.

Vodafone said it intended to transfer its 50% shareholding in Cornerstone to Vantage Towers this month.




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