Virgin Media O2 divests further stake in Cornerstone Towers to Equitix for £186m amidst revenue dip

Virgin Media O2 has confirmed the divestment of a portion of its stake in Cornerstone, the mobile towers joint venture, to infrastructure investment firm Equitix for a sum of £186m.

The transaction reduces the telecommunications company's holding to just above 25%, following the sale of an 8.33% share. This is part of a larger 16.66% interest in a parent entity that possesses half of Cornerstone, as reported by City AM.

Equitix's Chief Investment Officer Achal Bhuwania described Cornerstone as "the UK's largest telecom tower portfolio" and a piece of "critical national infrastructure which is central to our mandate to invest in core infrastructure."

This move is reflective of a broader pattern within the telecom sector where businesses are looking to reduce debt and generate capital f