Slaughter and May is advising Vodafone Group Plc and Vodafone Limited on the commercialisation of Cornerstone Telecommunications Infrastructure Limited

Slaughter and May is advising Vodafone Group Plc and Vodafone Limited (“Vodafone UK”) on the commercialisation of Cornerstone Telecommunications Infrastructure Limited ("Cornerstone"), the 50:50 owned joint venture company with Telefonica UK Limited (“TEF UK”). Cornerstone owns and manages Vodafone UK and TEF UK’s passive tower infrastructure in the United Kingdom and has c. 14,200 macro sites in its network. Vodafone UK intends to transfer its 50% shareholding in Cornerstone to Vantage Towers in January 2021.

As part of the transaction, Slaughter and May advised on the long-term Master Services Agreements entered into by each of Vodafone UK and TEF UK 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. The firm also advised on the governance and shareholding arrangements which will exist between Vantage Towers and TEF UK in respect of their ownership of Cornerstone.