Virgin Media O2 Sells Minority Stake in Mobile Tower JV to GLIL Infrastructure

Virgin Media O2 has announced the sale of a 16.67 percent minority stake in its mobile tower joint venture, Cornerstone, to the UK-based infrastructure fund GLIL Infrastructure. The deal is valued at approximately GBP 360 million, payable in cash upon the completion of the transaction.

• Make Telecom Talk My Trusted Source
• 
• 

Also Read: Virgin Media Powers up Wakefield With Gigabit Broadband for First Time

5G Expansion

According to the statement, Virgin Media O2 will retain a 33.33 percent stake in Cornerstone after the sale. This move allows Virgin Media O2 to partially monetize its tower infrastructure while retaining operational and strategic control over a key asset. The company is focused on expanding 5G coverage across the country and improving 4G connectivity.

Transaction Details

The transaction is structured through a holding company, HoldCo, owned by Virgin Media O2. After the deal, GLIL will hold a 33.3 percent stake in the holding company, with Virgin Media O2 retaining the remaining 66.7 percent. As the majority shareholder of the holding company, Virgin Media O2 states that it will continue to co-control Cornerstone in partnership with Vantage Towers.

Also Read: NTT Docomo to Transfer Ownership of 1,552 Towers to JTower

Network Sharing

According to the statement, Cornerstone is the UK’s largest mobile tower business, owning and managing approximately 20,000 sites spanning urban and rural locations. It plays a critical role in providing network services to both Virgin Media O2 and Vodafone UK, serving as anchor tenants. Additionally, this sale will not affect their existing network-sharing agreement, referred to as Project Beacon, which involves the two companies sharing radio equipment in specific areas of the country.