Liberty Global monetises stake in Cornerstone
After months of speculation, the deal finally shapes up and is expected to complete in the coming weeks
On 31st October in its Q3 2023 results Liberty Global announced the sale of a 16.67% stake in its UK MNO Virgin Media O2 (VMO2)'s tower joint venture Cornerstone Telecommunications Infrastructure Limited) to UK-based infrastructure fund GLIL Infrastructure, a partnership of British pension funds. The stake sale values Cornerstone at an EBITDAaL multiple of 18.7x and upon closing of the deal VMO2 will receive cash proceeds totalling £360mn (USD $435mn). VMO2 will retain a 33.33% stake in Cornerstone upon completion of the transaction.
“We are really pleased to welcome GLIL alongside Virgin Media O2 as an investor in Cornerstone, the largest mobile infrastructure company in the UK, as we grow our digital portfolio and deliver connectivity wherever it is needed”, Cornerstone CEO Pat Coxen said for TowerXchange.