UK’s Virgin O2 nears stake sale in towers business to GLIL

LONDON, Oct 29 (Reuters): Virgin Media O2 is in exclusive talks to sell a slice of its shareholding in Britain's largest mobile tower network to GLIL Infrastructure, according to four sources familiar with the matter, in a deal that could value the business at about 2.5 billion pounds ($3.03 billion).

GLIL, a partnership of British pension funds, has prevailed over other investment firms in an auction that Virgin Media O2's owners, Liberty Global and Telefonica, held for part of their 50 per cent stake in the tower company, called Cornerstone, earlier this year, the sources said on Friday.

If negotiations are concluded successfully, a deal for a minority stake of less than 25 per cent could be announced as early as next week, two of the sources added.