Vodafone Limited (“Vodafone UK”) and O2 Telefónica UK Limited (“O2 UK) announced today that they have signed agreements to commercialise Cornerstone Telecommunications Infrastructure Limited (“Cornerstone”), the 50:50 owned joint venture company that owns and manages their passive tower infrastructure in the United Kingdom.
Vodafone UK and O2 UK have each entered into long-term Master Services Agreements (each, an “MSA”) with Cornerstone, which have initial terms of 8 years from 1 January 2021, with three 8-year renewal periods, and which establish Cornerstone as a preferred supplier of new sites for both operators.
Vodafone intends to transfer its 50% shareholding in Cornerstone to Vantage Towers in January 2021.
Key highlights
Future operations
The existing senior management team, led by Rhys Phillip, CEO, will continue to lead Cornerstone through and beyond this period of transition and will remain focussed on providing an excellent customer experience while seeking opportunities to grow the business and increase shareholder value.
Cornerstones relationships with key partners, suppliers and landlords remain unchanged by this announcement and we look forward to working with them to champion Digital Britain.
Rhys Phillip, CEO Cornerstone commented “This is a great step for Cornerstone as we continue our evolution and provides an opportunity to play an even more effective role in the development of Digital Britain”
For more information email news@cornerstone.network
To read the Vodafone Group press release, please click here.
To read the Telefónica press release click here.
To read the Vantage Towers statement click here.