Source: Vantage Towers
Virgin Media O2 has reorganised its stake in the towers business Cornerstone Telecommunications Infrastructure Limited ahead of a potential sale.
VMO2 previously divided its stake between O2 Networks (40%) and O2 Cedar (10%). Its reported moves are underway to move the Cedar stake into the networks business.
Their partner in the towers business, Vodafone, transferred its 50% stake in Cornerstone to the Central Tower Holding Company BV, a subsidiary of Vantage Towers, its tower division.
The move renewed speculation that the tower business could be up for sale, though VMO2 sources attribute the move to changes in its internal governance.
In January, Cornerstone hired former BT and T-Mobile executive Pat Coxon as their new CEO.
Cornerstone has around 15,000 sites, as well as long-term contracts with Vodafone and Virgin Media O2.
In February, Reuters reported Telefónica and Liberty were preparing to invite offers for the sale of 25% of Cornerstone and had attracted interest from the Universities Superannuation Scheme.
