LONDON, Oct 31 (Reuters) - Britain's Virgin Media O2 on Tuesday said it had sold a 16.67% stake in its mobile towers joint venture Cornerstone to GLIL Infrastructure, a partnership of UK pension funds, for about 360 million pounds ($437 million) in cash.

VM O2, jointly owned by Telefonica and Liberty Global, said the value represented a multiple of 18.7x of Cornerstone's adjusted core earnings for the year ended in March 2023.

The mobile and broadband company will retain a 33.33% stake in Cornerstone, Britain's largest tower sharing company, which is half owned by Vodafone via its Vantage Towers subsidiary.

The sale confirmed a

Reuters report

on Saturday.

VM O2's Chief Executive Lutz Schüler said selling a minority stake in Cornerstone was a logical move that partly monetised its towers infrastructure, while retaining operational and strategic co-control.

GLIL investment director Simon Davy said stake fitted well into its existing portfolio of high quality, core infrastructure assets.

VM O2 will publish third-quarter results on Wednesday. ($1 = 0.8234 pounds) (Reporting by Paul Sandle, writing by William James)