KKR & Co. Inc. (NYSE:KKR) along with Tower Bridge Infrastructure Partners LP managed by Global Infrastructure Management, LLC made an offer to entered into an agreement to acquire 40.86222% stake in Vantage Towers AG (DB:VTWR) from Vodafone GmbH for €6.6 billion on November 9, 2022. In related transaction, KKR & Co. Inc. along with Tower Bridge Infrastructure Partners LP managed by Global Infrastructure Management, LLC made an offer to acquire 18.3% stake in Vantage Towers AG (DB:VTWR) for €3 billion on November 9, 2022. The Business Combination Agreement was signed following completion of a structured bidding process which had been initiated by Vodafone Group to continuing the business strategy, adequate financing, the future corporate governance structure, employees’ interests and Düsseldorf continuing to be the headquarters even after GIP/KKR have acquired their indirect shareholding. The current management board members of Vantage Towers will continue to lead the company. Management Board and Supervisory Board of Vantage Towers welcome the long-term partnership with GIP and KK, Transaction will be subject to various customary offer conditions, including the receipt of regulatory antitrust and FDI approval. As of March 23, 2023, Vodafone Group Plc has received €4.9 billion and now holds 64% shareholding in Oak Holdings (JV) . The Consortium will increase its ownership in a Joint venture up to a maximum of 50% by June 30, 2023, which would result in total net proceeds to Vodafone of up to €6.6 billion.

In connection with the transaction, Rothschild & Co is acting as financial adviser to Vantage Towers, and Orrick Herrington & Sutcliffe is acting as legal adviser to Vantage Towers. GIP and KKR are advised by Morgan Stanley as exclusive financial advisor and Latham & Watkins as legal advisor. Christian Schwandtner, Martin Ulbrich, Markus Röhrig Jan Bonhage, Anja Balitzki and Matthias Cloppenburg of Hengeler Mueller acted as legal advisor to KKR in transaction. BofA Securities, Inc. acted as financial advisor to Vantage Towers AG in the transaction. UBS Investment Bank acted as financial advisor to Vodafone GmbH. Miriam P. Peter, Carsten Berrar and Max Birke of Sullivan & Cromwell LLP represents Morgan Stanley in the transaction. Robey Warshaw LLP acted as financial advisor to Vodafone GmbH.