(Alliance News) - Vodafone Group PLC on Thursday said it has completed its co-control joint venture partnership with Oak Holdings GmbH for the voluntary takeover of Vantage Towers AG.

The Berkshire, England-based telecommunications provider said it has received initial net cash proceeds of EUR4.9 billion, and now holds 64% of Oak Holdings, which itself owns 89% interest in Vantage Towers.

Vantage Towers is a Dusseldorf, Germany-based, Europe-focused mobile tower company.

On Wednesday, Vantage Towers announced its delisting from the Frankfurt Stock Exchange, following its signing of a delisting agreement with Oak Holdings, after it recommended Oak Holdings' offer of EUR32.00 per share to its shareholders in December.

Vodafone added that Vantage Towers will redeem its outstanding bonds, worth EUR2.2 billion. Oak Holdings said it has sufficient debt facilities to enable Vantage Towers to repay these bonds in full.

Vantage Towers shares rose 0.2% to EUR33.52 each in Frankfurt at close on Thursday, while Vodafone shares fell 0.2% to 91.19 pence each in London at close on Thursday.

By Harvey Dorset, Alliance News reporter

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