Vodafone UK and O2 Telefónica UK on Monday announced that they have signed agreements to commercialise Cornerstone Telecommunications Infrastructure (Cornerstone), the 50:50 owned joint venture company that owns and manages their passive tower infrastructure in the United Kingdom.
Vodafone UK and O2 UK have each entered into long-term Master Services Agreements 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.
Vodafone intends to transfer its 50% shareholding in Cornerstone to Vantage Towers in January 2021.
The existing senior management team, led by Rhys Phillip, CEO, will continue to lead Cornerstone through and beyond this period of transition and will remain focussed on providing an excellent customer experience while seeking opportunities to grow the business and increase shareholder value.
Cornerstones relationships with key partners, suppliers and landlords remain unchanged by this announcement and we look forward to working with them to champion Digital Britain.
Mark Evans, CEO Telefónica UK
This is an exciting announcement in our ongoing drive to provide world class connectivity to our customers. The new agreement will allow us to deliver value for our business while investing in our network infrastructure.
