Vodafone has sold another 10 percent stake in its tower business, Vantage Towers, for €1.3 billion ($1.42bn).

The sale is part of a deal announced in 2022, when the carrier agreed to sell a stake in the German-based tower unit to KKR and Global Infrastructure Partners (GIP).

The company agreed to sell the stake at €32 ($34.85) per share, the same price as the initial transaction, announced on November 9, 2022.

Vodafone has shifted its 81.7 percent holding in Vantage into a JV with KKR and GIP, called Oak Holdings.

The total proceeds Vodafone has made from its tower unit has now grown to €6.6bn ($7.2bn) following the latest sale.

Vodafone said that proceeds from the sale will help the company to reduce overall debt.

"Proceeds from this sale will be used for deleveraging and will reduce Net Debt/Adjusted EBITDAaL by 0.1x, which is in line with Vodafone's target of operating in the lower half of its 2.25x - 2.75x leverage range," said Vodafone in a statement.

Following the latest transaction, Oak Holdings today owns an 89 percent stake in Vantage Towers, while Vodafone now owns 50 percent of Oak Holdings.

Vantage Towers operates 84,600 towers across 10 European markets.

A number of telecom companies have sold off infrastructure assets such as cell towers, often through sale-and-leaseback deals, in order to pay down debt or help fund their respective network rollouts.

Last week, it was widely reported that US carrier Verizon is considering a $3bn sale of up to 6,000 towers.