Virgin Media Business: Virgin Media O2 to sell minority stake in Cornerstone towers

Nov 02, 2023 | Posted by Abdul-Rahman Oladimeji

Virgin Media O2 recently confirmed it had agreed with GLIL Infrastructure LLP. Following the agreement, Virgin Media O2 will sell a 16.67 percent minority stake in its tower joint venture, Cornerstone (CTIL), to GLIL for about £360 million, which will be paid once the deal is closed. 

After this agreement is finalized, Virgin Media O2 will retain a 3.33 percent stake in Cornerstone. It will continue to co-control CTIL with Vodafone-backed Vantage Towers, which owns the other half of Cornerstone. 

“Selling a minority stake in Cornerstone is a logical move for us. We are partially monetizing our tower infrastructure, while retaining operational and strategic co-control in a key asset as we roll out 5G to more of the country and boost 4G connectivity," said Lutz Schüler, CEO of Virgin Media O2.

"This deal aligns perfectly with our core infrastructure and capital allocation strategy which sees Virgin Media O2 continue to invest in the UK to expand and upgrade our next-generation fixed and mobile footprints. As a trusted UK-centric investor, GLIL is the best long-term partner for Virgin Media O2 at Cornerstone.”