A1 Telekom Austria Group shareholders have given approval to spin off the cell tower business to the newly founded EuroTeleSites AG at a general assembly held yesterday August 1.
The telco company announced in February it will spin off its radio masts into a separate cell tower company while maintaining the ownership structure.
The subject of the transaction is around 12,900 towers in Austria, Bulgaria, Croatia, Serbia, Slovenia and North Macedonia.
A1 Telekom Group said for every four Telekom Austria shares, the shareholders will receive one EuroTeleSites share.
In June Ivo Ivanovski was appointed as the future CEO, wirh Lars Mosdorf to serve as CFO for the newly set-up TowerCo. The duo started their roles immediately and are to co-lead the necessary preparatory work to spin off the tower business into a separate company.
A1 Telekom Austria said the demerger is expected to be go ahead in the autumn of 2023. EuroTeleSites shares are expected to be listed on the official market of the Vienna Stock Exchange following the launch, according to the company.