GLIL Infrastructure to acquire a 16.67% stake in Cornerstone from Virgin Media O2 for £360m.

GLIL Infrastructure, an alternative investment fund, agreed to acquire a 16.67% stake in Cornerstone, a telecommunication company that offers site design, acquisitions, construction, infrastructure, and maintenance services, from Virgin Media O2, an investor firm that provides mobile services, for £360m. “Selling a minority stake in Cornerstone is a logical move for us. We are partially monetising our tower infrastructure, while retaining operational and strategic co-control in a key asset as we roll out 5G to more of the country and boost 4G connectivity. This deal aligns perfectly with our core infrastructure and capital allocation strategy which sees Virgin Media O2 continue to invest in the UK to expand and upgrade our next generation fixed and mobile footprints. As a trusted UK centric investor, GLIL is the best long-term partner for Virgin Media O2 at Cornerstone,” Lutz Schüler, Virgin Media O2 CEO.