By Adria Calatayud

Vodafone Group PLC said Wednesday that it intends to list its European telecommunications-infrastructure unit, Vantage Towers, on the Frankfurt Stock Exchange by the end of March.

The U.K. telecommunications group said the offering will consist solely of a secondary sell-down of existing shares held by the parent, and that the planned IPO seeks to target a meaningful minority free float.

Vodafone said the timing of the IPO is subject to market conditions.

"We will be looking to capture the exciting value-creating opportunities the sector has to offer and to build on our position as a leading tower infrastructure company in Europe," Vantage Towers Chief Executive Vivek Badrinath said.

Vantage Towers has a portfolio of around 82,000 tower sites across 10 European countries.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

February 24, 2021 02:31 ET (07:31 GMT)

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