Orange said it planned to carve out its mobile towers in most European countries...
) have separated their mobile tower assets and are seeking to sell part of them via a listing or private sale. Vodafone’s shares jumped when it announced spin-off plans.
But Orange shares still fell by about 4% in early trade, with traders citing disappointment about the dividend outlook after Orange said it would pay out a minimum annual dividend of 70 cents per share over the period. Although the new tower firm aimed to show the value of infrastructure, there was a “very limited” opportunity to turn this into cash, investment bank Jefferies wrote in a note, adding that the “dividend floor is not raised”.Orange’s mobile towers could be worth around 10 billion euros , analysts have estimated. Citi said their value may reach 13 billion euros, or 20 times the operating results generated by towers.
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