Mon, 11th Jan 2021
Telecom company Vodafone said it and Telefonica had agreed to commercialise their Cornerstone Telecommunications Infrastructure joint venture. The two companies had entered into long-term master services agreements with Cornerstone, with initial terms of eight years from 1 January 2021. The agreements had three eight-year renewal periods and established Cornerstone as a preferred supplier of new sites for both operators. Cornerstone owned and managed Vodafone and Telefonica's passive tower infrastructure in the UK. Vodafone said it intended to transfer its 50% shareholding in Cornerstone to Vantage Towers this month. Story provided by StockMarketWire.com