Virgin Media O2 is in exclusive talks to sell a portion of its shareholding in Britain's largest mobile tower network, Cornerstone, to GLIL Infrastructure. The deal could value the business at around $3.03 billion. GLIL, a partnership of British pension funds, has emerged as the preferred bidder in an auction held by Virgin Media O2's owners, Liberty Global and Telefonica. If negotiations are successful, a deal for a minority stake of less than 25% could be announced next week.
Prelude to the Best Sommelier of Canada Contest | SaltWireLONDON - Virgin Media O2 is in exclusive talks to sell a slice of its shareholding in Britain's largest mobile tower network to GLIL Infrastructure, according to four sources familiar with the matter, in a deal that could value the business at about 2.5 billion pounds .
If negotiations are concluded successfully, a deal for a minority stake of less than 25% could be announced as early as next week, two of the sources added. Telefonica and Liberty Global have been working with advisers on the sale of up to half of their combined 50% stake in Cornerstone.Spokespeople for Telefonica, Liberty Global, Virgin Media O2 and GLIL declined to comment.
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