Vodafone targets Frankfurt listing for mast unit in early 2021

A Vodafone store in Spain
Miguel Candela | SOPA Images | LightRocket | Getty Images

Vodafone, the world's second biggest mobile operator, said on Friday it would list its towers unit, named Vantage Towers, in Frankfurt in early 2021.

It announced it would set up a European mast company worth upwards of 18 billion euros a year ago. The company, which has more than 68,000 mobile towers across nine European markets, became operational in May.

Vodafone also reported a 1.3% decline in first-quarter organic service revenue, which it said was mainly due to COVID-19 impacts. It reiterated its guidance for the year.