Vodafone said it is likley to sell a portion of its majority stake in Vantage, the wireless towers unit, to private equity firms KKR and GIP. Vodafone also said it would use the minimum proceeds of 3.2 billion euros to pay down its current debt.

Vodafone, the British telecoms company, said it is going to create a new joint venture (JV) with the investors, resulting in the deconsolidation of its 81.7 per cent stake. The joint venture (JV) is likely to buy out the minority shareholders in Frankfurt-listed Vantage.

Shares in Vantage jumped 7.8 per cent, while Vodafone (NASDAQ:VOD) was broadly flat.

Founded in 1991, Vodafone Group plc is a British multinational telecommunications company. Headquartered in Berkshire, the company owns and operates networks in 22 countries.