Vodafone will create a new company, TowerCo, to manage its portfolio of over 61,000 towers across 10 distinct European markets
Vodafone has announced that Vivek Badrinath will head up its newly created European towers business, as chief executive officer.
Badrinath will take up the reins at the newly created TowerCo with effect of the 1st April 2020.
“I’m pleased that Vivek, one of our most experienced senior executives, will be leading our new tower business. We believe that there is significant scope to generate operational efficiencies and increase tenancy ratios across our tower portfolio, and that we will be able to unlock value for shareholders,” said Nick Read, chief executive of Vodafone.
Badrinath currently serves as the chief executive of Vodafone’s Rest of the World unit and brings a wealth of telecoms experience to his new role, having previously held a number of key roles at French telco. Orange.
Vodafone will legally separate TowerCo from the Vodafone Group portfolio by May 2020. Vodafone said that "capturing the industrial benefits from network sharing, achieving operational efficiencies and pursuing monetisation opportunities for passive tower infrastructure," was a key part of the Group’s strategy to boost revenues and make better use of its existing assets.